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Macerich Pursues More JV Deals

SANTA MONICA, CA-The mall REIT plans more announcements like its $150-million Queens Center deal in the next 30 to 60 days.

By Debra Hazel | Updated on August 05, 2009

SANTA MONICA, CA-Having just completed one for Queens Center in New York City, expect more joint ventures from the Macerich Company, executives said at the company’s second quarter conference call.

Last week, the company announced that it would sell a 49% interest in the nearly one-million-square-foot mall to Toronto-based Cadillac Fairview, for $150 million in net cash. The deal is the eighth joint venture between the two companies. The funds will help reduce Macerich’s leverage in a tight financing market.

“We always knew that we’d be able to tap into the joint venture market, because it’s in our DNA. Our company was founded on doing joint ventures with financial institutions,” Coppola said. “These are tough deals to do, but we are pleased with where we are.”

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