GIC Pte. Ltd. completed the acquisition of 40% stake in Five Property Assets in USA from The Macerich Company for approximately $670 million.
January 06, 2016
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GIC Pte. Ltd. agreed to acquire 40% stake in Five Property Assets in USA from The Macerich Company (NYSE:MAC) for $670 million on September 30, 2015. Under the terms of deal, GIC Pte. Ltd. will also assume pro rata share of the mortgage notes payable on the properties of $873 million of Macerich. In related transaction, agreed to acquire 49% stake in Three Property Assets in USA from The Macerich Company (NYSE:MAC) for $460 million on September 30, 2015. The deal is expected to generate cash proceeds to Macerich totaling $2.3 billion. The transaction is subject to usual and customary closing conditions and are expected to close in phases starting in October 2015 and concluding in the first quarter of 2016.
On October 30, 2015, Macerich sold a 40% ownership interest in Lakewood Center, Los Cerritos Center, South Plains Mall and Washington Square for a cash payment of approximately $537 million and assumption of the pro rata share of mortgage notes payable on the properties of approximately $713 million. Also concurrently 40% interest in the loan was assumed by a third party. Eastdil Secured, L.L.C. acted as financial advisor to Macerich in arranging these transactions. Nancy M. Olson, Jonathan L. Friedman and Victor Hollender of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to GIC Pte. Ltd.
GIC Pte. Ltd. completed the acquisition of 40% stake in Five Property Assets in USA from The Macerich Company (NYSE:MAC) ) for approximately $670 million on January 6, 2016. Under the terms of deal, GIC Pte. Ltd. will also assume pro rata share of the mortgage notes payable on the properties of $873 million of Macerich. Concurrently, a 40% interest in the loan of Arrowhead Towne was assumed by a third party.
The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company conducts its operations through The Macerich Partnership, L.P. (the Operating Partnership). The Company is focused on the acquisition, ownership, development, redevelopment, management, and leasing of regional and community/power shopping centers located throughout the United States. The Company, through its operating partnership, owns ownership interests in approximately 46 million square feet of real estate, consisting primarily of 43 regional town centers, three community/power shopping centers and one redevelopment property. The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, including Macerich Property Management Company, LLC, Macerich Management Company, Macerich Arizona Partners LLC, Macerich Arizona Management LLC, MACW Mall Management, Inc., and MACW Property Management, LLC.
THE MACERICH COMPANY 
