BABCOCK & Brown has sold a large stake in a portfolio of US regional shopping malls to Oxford Properties Group.
Babcock & Brown has sold 48.9% of the portfolio, which it acquired from Gregory Greenfield & Associates in May this year.
Babcock & Brown’s joint venture with the GPT Group owns 51% of the portfolio. Babcock & Brown will exclusively retain the asset management platform acquired as part of the GG&A acquisition and will continue to manage the GG&A property portfolio on behalf of the joint venture and Oxford.
The management of the portfolio of eight regional malls acquired by the joint venture in 2005 and 2006 have been fully consolidated onto the GG&A asset management platform.
Babcock & Brown’s chief executive Phil Green said the sale reflects its ongoing ability to recycle assets despite the current volatility in global capital markets.
Following the completion of the GG&A acquisition, Babcock & Brown now manages a portfolio of 22 malls in the US valued in excess of $US1.8 billion.
Australian Property Journal
