Capital Shopping Centres has completed the sale of a 77% stake in its
The sale agreement was entered into in May 2010.
Equity One has bought the company via a joint venture with CSC.
The deal sees CSC retain a 23% stake receiving 4.1m shares of Equity One common stock and 11.4m joint venture units.
The terms enable CSC to redeem its units in the joint venture for cash or, at Equity One’s option, on a one-for-one basis. The closing price per Equity One share as at 3 January 2011 was $18.39.
CSC said it would retain its interest in Equity One and the joint venture “in order to participate in its growth potential”.
Equity One will assume around $330m of mortgage debt.
San Francisco-based Capital & Counties USA owns 15 assets in a mixed-use portfolio, including entertainment venues, at a total valuation of around $666m.
paul.norman@estatesgazette.com
To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.
