Sale boosts Macquarie Countrywide debt position
Macquarie CountryWide Trust has agreed to sell its US property portfolio for $1.61 billion, eliminating maturing debt issues.
The trust announced to the Australian Securities Exchange (ASX) today that it had signed agreements to sell its 75 per cent interest in a US portfolio of 86 properties owned in partnership with Regency Centres for a gross sale price of $1.61 billion.
The announcement said the entire deal, when closed, would eliminate $1.38 billion of debt scheduled to mature in coming years and would release approximately $226 million of gross cash proceeds.
It said the portfolio accounted for 80 per cent of the trust’s assets in the US and the decision to sell had been part of a comprehensive strategy foreshadowed earlier in the year.
AUTHOR
Mike Taylor
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