SANTA MONICA, CA—The Macerich Co. said Wednesday it had forged agreements to sell minority stakes in shopping centers to GIC Pte. Ltd., the sovereign wealth fund of Singapore, and to Heitman. The eight properties in the joint ventures with GIC and Heitman are valued at a combined $5.4 billion; deal terms were not disclosed.

Separately, GIC identified the five properties in which it is taking a 40% interest. They include Washington Square in Portland, OR; Los Cerritos Centre in Cerritos, CA; Arrowhead Towne Center in Glendale, AZ; Lakewood Centre in Lakewood, CA; and South Plains Mall in Lubbock, TX.

For its part, Heitman will take 49% ownership of Deptford Mall in Deptford, NJ; Broomfield Town Center in Broomfield, CO; and Twenty Ninth Street in Boulder, CO. Sales per square foot on the eight properties range from a low of $460 per square foot at the Lubbock property to $764 per square foot at Los Cerritos. The eight properties average 96.0% occupancy.

“The expansion of our longstanding relationship with leading real estate investment management specialist Heitman and the beginning of a new one with GIC, one of the world's premier global investment funds, validates the strength of the Macerich operating platform and demonstrates the demand for high-quality regional mall assets, while also providing the company with significant capital to create additional shareholder value,” says Macerich chairman and CEO Arthur Coppola. “These transactions highlight the significant differential between the private and public markets valuation of our assets. Liquidity from these transactions will be used to bridge that gap.”

Macerich expects to realize cash proceeds totaling $2.3 billion from the two JVs. Closings on the properties will occur in phases, starting later this month and concluding in the first quarter of 2016.