Archdiocese sells three properties for €44.5million

The Archdiocese of Philadelphia’s finances took a major step toward good health with the announcement of agreements of sale for three archdiocesan properties collectively worth an estimated $56.2million (44.5million).

Proceeds from the latest transactions along with the $53 million initial payment from long-term leasing of the 13 archdiocesan cemeteries completed last May and the sale of the archdiocesan nursing homes, projected to net $95 million after closing costs, will address three underfunded obligations of the archdiocese.

Collectively underfunded by $340 million in June 2013, those three funds plus the Lay Employees Retirement Plan include the Trust and Loan Fund, the Self-Insurance Fund and the Priests Pension Fund.