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Macquarie Sells Regency JV for $1.3B

JACKSONVILLE, FL-The Australian investor is closer to exiting the US retail market.

By Debra Hazel | Updated on July 17, 2009

JACKSONVILLE, FL-The US experiment is nearly over for Macquarie CountryWide Trust, which has agreed to sell a majority of its interest in Macquarie CountryWide-Regency II, LLC, a co-investment partnership with Regency Centers Corp., for approximately $1.3 billion. The trust comprises about 80% of MCW’s U.S. holdings.

The buyer is Global Retail Investors LLC (GRI), a joint venture between the California Public Employees’ Retirement System (CalPERS) and an affiliate of First Washington Realty. Regency, however, can increase its ownership in the fund from its current 25% to 40%.

“This transaction is ‘bittersweet’ given our special relationship with MCW that has developed and grown over many years. At the same time, we are excited to have the opportunity to partner with CalPERS and First Washington,” says Martin E. Stein, Jr., chairman and CEO of Regency Centers, in a statement. “This transaction will have substantial benefits for Regency including a partnership with an outstanding institutional investor, an option to increase our ownership in a high quality portfolio of shopping centers, maintaining the size of the portfolio’s current foot print, and profitable on-going fee income.”

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