US retail Reit sells minority stakes in 5 malls to GIC
Seattle
MACERICH Co has agreed to sell minority stakes in eight US malls for US$2.3 billion to Singapore sovereign wealth fund GIC and property investor Heitman LLC, a deal that will allow the landlord to pay a special dividend, buy back shares and cut debt.
GIC, in its first deal with Macerich, will own 40 per cent of five malls, and Heitman will have a 49 per cent interest in three, Macerich said in a statement on Wednesday. The transactions are scheduled to close in phases starting in October, concluding in the first quarter.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Homebuyers shun new real estate in Vancouver, hurting builders
US pending home sales jump in March to hit highest in the year
Blackstone strikes US$1.6 billion student housing deal with KKR
European real estate deals slump to lowest level in 13 years
Singapore Q1 industrial rents rise further as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co