GI buys 75% stake in Macerich mall

The private equity platform has paid $116m cash and assumed $136.5m of a $182m mortgage for a controlling interest in a 1.4m sq. ft Colorado shopping centre. Macerich has been a net seller of assets in 2009 to date.

GI Partners has bought a 75 percent stake in a Denver super mall from REIT Macerich, as the trust looks to reduce its debt load.

The private equity shop bought the 1.4 million-square-foot mall for $116 million in cash and assumed $136.5 million of the Broomfield, Colorado mall’s $182 million mortgage, according to media reports. Macerich bought the centre for $316.6 million in 2003, data provider Real Capital Analytics said.

Macerich has been a net seller of properties in 2009 to date, and in July sold the Phoenix strip mall, Village Center, to private equity real estate firm Phillips Edison for $11.8 million.

GI bought the mall through its $2 billion GI Partners Fund III. The Menlo Park, California-based firm was part of the consortium of private equity investors that helped launched the debt platform, Ladder Capital, led by Brian Harris.

The firm has also invested in UK holiday parks operator Park Resorts, the British pub chain Yates and the technology-focused real estate investment trust, Digital Realty Trust.

A statement said Macerich would continue to manage the property.