JACKSONVILLE, FL-Macquarie CountryWide Trust of Sydney, Australia has paid locally based Regency Centers Corp. $270 million for an additional 10.05% interest in the 101 shopping centers the joint venture bought in June 2005 from CalPERS/First Washington of Sacramento. GlobeSt.com reported the $2.7-billion closing June 3, 2005.
The transaction, disclosed by Regency Jan. 16, gives Macquarie a 75% ownership interest and Regency a 24.95% interest in the 12.8 million sf of retail product the JV acquired in 17 states and the District of Columbia. GlobeSt.com first reported that deal Feb. 15, 2005. Macquarie's additional purchase is on the same terms as the original purchase contract, according to Regency's prepared statement.
When the deal was first announced last year, Regency chairman Martin E. Stein Jr. said he considered the transaction a strategic move for his company because it allows Regency to expand into new markets such as the suburbs of New York City and Minneapolis and to increase its presence in target markets of Chicago, Philadelphia and Washington, DC.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
