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Sovereign Wealth Funds Briefing - Categorized | Financials

Macerich Sells Mall Interests to GIC

Posted on 01 October 2015

Macerich Co. agreed to sell minority stakes in eight U.S. malls for $2.3 billion to Singapore’s GIC Pte and property investor Heitman LLC, a deal that will allow the landlord to pay a special dividend, buy back shares and cut debt.
GIC, in its first deal with Macerich, will own 40 percent of five malls, and Heitman will have a 49 percent interest in three, Macerich said in a statement Wednesday. The transactions are scheduled to close in phases starting in October and concluding in the first quarter………………………………………..Full Article: Source


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