Property investment company Macquarie CountryWide Trust
(ASX:MCW) says it is to sell its 75 per cent interest in a U.S. portfolio of 86 properties, owned in partnership with Regency Centers for US$1.3 billion.
The company says the sale price reflects a capitalisation rate of 9.1 per cent based on its estimated net operating income for calendar year 2009, valuing a 100 per cent interest in the portfolio at US$1.73 billion.
Macquarie CountryWide says the transaction will negatively impact the trusts earnings and net asset backing.
The company says the entire deal, when closed will eliminate $1.38 billion of debt scheduled to mature in coming years, and will release around $226 million of gross cash proceeds.
Macquarie CountryWide says the portfolio accounts for approximately 80 per cent of its assets in the U.S.
Macquarie CountryWide’s 2008 net profit took a big tumble from its result the year before.
