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. andPublic 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, 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 GlobalInc., 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 RealtyTrust 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.