Trust goes shopping in St Louis

Email Print Normal font Large font Carolyn Cummins Commercial Property Editor

July 10, 2007



MACQUARIE CountryWide Trust has expanded further into North America, buying a controlling interest in 33 retail centres from the Schnuck family worth $US260 million in a joint venture with the Regency Centers Corporation.



To pay for the new assets Macquarie CountryWide will raise $US150 million ($174 million) to $US300 million through an asset sale program of about 18 non-core, mature centres across its US asset base.



Under the deal the Schnuck family will retain 20 per cent of the portfolio, with Macquarie CountryWide owning 65 per cent and Regency the remaining 15 per cent.



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