Macquarie targets U.S. shops
 |
Macquarie Bank's new property trust will hold U.S. shopping center assets.
Story Tools
|
SYDNEY, Australia (CNN) -- Australia's Macquarie Bank is to set up a property trust holding a dominant stake in U.S. shopping centers worth almost $750 million.
Macquarie said Friday its partner in the trust is U.S. retail developer and owner Developers Diversified Realty Corp (DDR). The pair established a strategic alliance in June this year.
The Macquarie DDR Trust (MDT), which will list on the Australian Stock Exchange by the end of next month, will hold 81 percent of a portfolio covering 11 community shopping centers in the United States. Macquarie Bank and DDR will own the remaining 19 percent of the assets.
The centers, located in U.S. metropolitan markets including Chicago, Boston, Atlanta and Washington DC, are valued at $744.5 million.
Macquarie said it planned to raise up to Aust. $550 million ($380 million) for the trust from Australian institutional and retail investors.
The new trust will be the sixth sector-specific listed property trust managed by Macquarie and its associates.
