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.