Two retail portfolios change hands
In separate deals, two U.S. retail portfolio have been sold.
The Ontario Teachers’ Pension Plan has sold its remaining minority stake in five regional malls in the United States to its joint venture partner, Macerich Co., in a deal valued at $1.89 billion. Under the agreement, the Macerich Co. will acquire the pension fund's 49 percent stake in the malls for $1.22 billion in Macerich shares and assume $673 million in debt.
The assets are located in New York state, Oregon and California totaling 6.7 million square feet. The portfolio includes the Queens Center in New York City; Washington Square in Portland, Ore.; Los Cerritos Center in California; Stonewood Center in Downey, Calif.; and Lakewood Center in California.
The second portfolio consists of eight properties throughout the Midwest totaling 1.2 million square feet. The sales price was not disclosed in the