CHESTNUT HILL, MA-J.P. Morgan Asset Management has agreed to trade a 37% interest in a portfolio of 13 malls in New England to CPP Investment Board, a Canadian pension fund, for nearly $792 million. If the sale is closed, the total portfolio would be valued at $2.14 billion.
The portfolio comprises 10.1 million square feet and is 93% leased. TIAA-CREF and Simon Property Group Inc. hold 14% and 49% stake, respectively. Eastdill Secured LLC is negotiating the deal. For the full story, go to Wall Street Journal.
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