Macquarie Selling 30 Centers to Inland for $427M

SYDNEY, AUSTRALIA-Macquarie CountryWide Trust is selling 30 shopping centers to Oak Brook, IL-based Inland Real Estate Acquisitions for $427 million. The portfolio was part of two joint ventures established with Jacksonville, FL-based Regency Centers that were discontinued earlier this month and is being sold at a 12% discount from the purchase price due to the economic recession.

Macquarie is using the funds to pay down debt and help position the locally based firm to prepare for its financial obligations later this year. Seven properties have already closed in the transaction and the other 23 are expected by the parties to close by the end of March.

The centers, which were acquired by Macquarie in 2004, are in Florida, California, Colorado, South Carolina, Oregon, Kentucky, Illinois, North Carolina, Nevada, Washington State and Alabama. After the sale, Macquarie will be left with about 230 centers in the US, Australia and New Zealand.