CBL & Associates Properties to Acquire Three-Mall Portfolio

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Oct. 17, 2005--CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it has entered into a definitive agreement to acquire three malls from a group of investors advised by Eastdil Realty Company. CBL will purchase Oak Park Mall in Overland Park (Kansas City), KS; Hickory Point Mall in Decatur, IL; and Eastland Mall in Bloomington, IL, for a total consideration of approximately $516.9 million, including estimated closing costs. The transaction is expected to close in November, subject to the Company's completion of due diligence and other customary closing conditions. The initial blended cap rate, based on income in place and after management fees and a structural reserve, is estimated at 5.7%.