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Macquarie DDR Marketing 52-Center Portfolio

PITTSBURGH-HFF and UBS are marketing the portfolio, which is primarily on the East Coast and in secondary markets.

By Debra Hazel | Updated on April 15, 2009

PITTSBURGH-As part of a continuing effort to get its balance sheet in order, Sydney, Australia-based Macquarie DDR Trust has retained Holliday Fenoglio Fowler and UBS Securities to perform a strategic review of its US real estate assets, and to market for sale a $1.9 billion, 52-center portfolio owned by subsidiary Macquarie DDR US Trust.

This announcement comes less than a month after Macquarie said it would restructure and reorganize ownership of the joint venture operations. Published reports said late last year that the trust might need to sell half of its portfolio to avoid breaching any bank covenants.

The 12.5 million-square-foot portfolio largely is located in the eastern half of the United States, including: Riverchase Promenade in Hoover, AL; Township Marketplace in Center Township, PA; Towne Center in Murfreesboro, TN.; and Walden Place in Cheektowaga, NY; and two centers in Colorado. Anchors include Walmart, BJ’s Wholesale Club, Bed Bath & Beyond, Best Buy, T.J. Maxx, Kohl’s and Dick’s Sporting Goods. Average occupancy is 88.5%.

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