The Ontario Teachers’ Pension Plan has sold its minority stake in five regional malls to Macerich, a U.S.-based real estate investment trust, in a US$1.89-billion deal.

To pay for the acquisition, Macerich assumed US$673 million of property-level debt and issued US$1.22 billion worth of stock to Teachers’, which now owns 10.9% of the company.

“It is especially gratifying to have the opportunity to continue our 16-year relationship with the Ontario Teachers’ Pension Plan Board and Cadillac Fairview at an enterprise level in place of asset partnerships,” says Macerich chairman and CEO Art Coppola.

Macerich currently owns 56 million square feet of real estate consisting primarily of interests in 52 regional shopping centres.

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Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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