The $1.5 billion includes the assumption of $733 million of existing debt and the issuance of about $72 million of convertible preferred operating partnership units at $36.55 per unit. The remainder of deal was paid in cash primarily derived from two loans. Deutsche Bank Securities Inc. was Macerich's adviser for the buyout.
Macerich is getting 15.6 million sf of regional malls and specialty retail properties, including Scottsdale Fashion Square and Chandler Fashion Center in metro Phoenix and Flatiron Crossing in the Denver area. In addition to Westcor's more noted holdings, Macerich also inherits two Arizona properties that have recently broken ground and 1,000 acres of undeveloped land for future projects.
Macerich is focused on the acquisition, leasing, management and redevelopment of regional malls and community centers in the US. It already owns about 58 million sf in 56 regional malls and 21 community centers.
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