This article is from the Australian Property Journal archive
MACQUARIE CountryWide has settled on the sale of its 75% stake in the seven-property Mid-Atlantic shopping centre portfolio in a deal worth $US108.1 million.
The portfolio of non-core assets had a combined book value at December 31 2007 of $US115.9 million.
Proceeds from the sale will be used to retire debt retirement.
Following settlement, the trust is forecast to lower its gearing level on a debt to total assets basis by 0.7%.
“We are pleased to successfully conclude this disposal in conjunction with our joint venture partner Regency Centers, during an uncertain period in debt and equity markets in the US,” Chief executive Steven Sewell said. “Completing the disposal of the Mid-Atlantic portfolio of potentially lower growth, non-core assets has improved the overall average quality of the Trust’s portfolio.”
Australian Property Journal
