GIC and Heitman form retail JVs with Macerich
The Macerich Co. has formed joint ventures with Heitman and Singapore’s GIC. The REIT will contribute stakes in eight assets to the joint ventures with expected cash proceeds totaling $2.3 billion.
GIC will have a 40 percent interest in five assets, and Heitman will have a 49 percent interest in three assets. The transactions are expected to close in phases starting in October 2015 and concluding in the first quarter of 2016.
The joint venture assets are Arrowhead Towne Center in Glendale, Ariz.; Lakewood Center in Lakewood, Calif.; Los Cerritos Center in Cerritos, Calif.; FlatIron Crossing in Broomfield, Colo.; Twenty Ninth Street in Boulder, Colo.; Deptford Mall in Deptford, N.J.; Washington Square in Portland, Ore.; and the South Plains Mall in Lubbock, Texas. The assets have an average occupancy of 96 percent.
Singapore’s $320 billion sovereign wealth fund will own a stake in Arrowhead Towne Center, Lakewood Center, Los Cerritos Center