Capital Shopping Centres is selling its US subsidiary Capital & Counties USA to US property group Equity One in an innovative $600m (£416m) share deal.
CSC said it will receive 4.1m shares in Equity One and 10.9m joint venture units, meaning that it can share in any future uplift in value of the assets.
It can redeem its units in the jv for cash or, at Equity One’s option, in Equity One shares.
David Fischel, chief executive of CSC, said: “I am pleased to announce this significant transaction, which has restructured our US interests such that we can focus on our core business in the UK while participating in the significant growth potential of the combined enterprise.”
At 31 December, Capital & Counties USA had gross assets of $613.9m, of which investment properties accounted for $545.9m. Bank of America Merrill Lynch advised CSC.
CSC began trading earlier this month after demerging from Liberty International.
