Business Deals
Sep 1, 2009 12:00 PM
Macquarie CountryWide Trust of Australia entered a definitive agreement to sell a majority interest in an 11.5-million-sq.-ft. U.S. retail portfolio to Global Retail Investors, LLC, a joint venture of First Washington Realty Inc. and California Public Employees' Retirement System (CalPERS) for $1.3 billion.
The Macerich Partnership LP and Cadillac Fairview Corp. Ltd. announced a joint venture for Macerich's 966,499-sq.-ft. Queens Center in Queens, N.Y. Under the terms of the deal, Macerich receives approximately $150 million in net cash and Cadillac Fairview acquires 49 percent interest in the asset. It also relieves the REIT of $167 million in debt.
Simon Property Group Inc.'s majority-owned partnership subsidiary, Simon Property Group LP, agreed to sell $500 million aggregate principal amount of its 6.75 percent senior unsecured notes due 2014 in an underwritten offering through Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and UBS Securities LLC, as joint book-running managers. The notes were priced at 105.029 percent of the principal amount plus accrued interest from May 15, 2009, to yield 5.46 percent to maturity.
Federal Realty Investment Trust closed on $265 million in capital. The company sold $150 million in 5.95 percent senior unsecured notes and $115 million in common shares, including the underwriters' over-allotment option.
RaceTrac Petroleum Inc., which owns and operates 530 gasoline and convenience stores in 12 states, has tapped CB Richard Ellis's Global Corporate Services unit to exclusively manage a sale/leaseback program for the company.
Acadia Realty Trust closed a $47 million loan on Cortlandt Towne Center, a 640,000-sq.-ft. regional shopping center in Westchester County, N.Y. The loan, arranged through Bank of America, features a three-year term and an adjustable rate. Holliday Fenoglio Fowler LP secured the loan.
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