Jan
28

Do Recent Deals Signal An Investment Sales Thaw?

By
– Retail Traffic

The increase in investment sales so far this year hints at an end to the cold shoulder between buyers and sellers that lasted for most of 2008.

On Jan. 27, Sydney-based real estate investment trust Macquarie CountryWide Trust announced it agreed to sell equity and interest in 30 U.S. retail assets to Inland Real Estate Acquisitions for a total of $427 million. The properties were sold at a 12 percent discount to their original cost base of approximately $485 million. It’s the largest retail real estate deal announced in 2009.

The assets previously belonged to two joint ventures between Macquarie CountryWide and Jacksonville, Fla.-based REIT Regency Centers, JV1 and MCW/MDP, which were dissolved on Jan. 21. Officials from Macquarie CountryWide could not respond to requests for comment in time for the publication of this article. A portion of the deal, involving seven unencumbered grocery-anchored shopping centers totaling 588,522 square feet, closed two weeks ago. The rest of the sale is expected to close in March, when due diligence and loan assumptions on the 23 remaining assets will be completed.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://retailtrafficmag.com/news/investment_sales_increase_0127/
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