Konover agrees to sell outlet portfolio for $180 million

RALEIGH, N.C. – Konover Property Trust Inc., a shopping center REIT, has agreed to sell a shopping center outlet portfolio to Roseland, N.J.-based Chelsea Property Group Inc. for $180 million. A third quarter 2001 closing is expected. Raleigh, N.C.-based Konover expects a write down of the book value of these properties because of the company’s second quarter earnings, which will be released August 15. Konover is being advised by Credit Suisse First Boston, and Chelsea Property Group is being advised by Merrill Lynch & Co.