Macerich announces sale of Cascade Mall in Burlington, WA and Northgate Mall in San Rafael, CA to Merlone Geier Partners

SANTA MONICA, Calif., 2017-Jan-23 — /EPR Retail News/ — The Macerich Company (NYSE Symbol: MAC) today (Jan. 19, 2017) announced the sale of Cascade Mall in Burlington, WA and Northgate Mall in San Rafael, CA to Merlone Geier Partners for $170 million.  This transaction resulted in net proceeds to Macerich of approximately $100 million after the repayment of a floating-rate note on Northgate.

As of September 30, 2016, Cascade and Northgate generated sales per square foot of $319 and $421, respectively, and had occupancy rates of 86.5% and 94.9%, respectively.  These figures compare to Macerich portfolio averages of $626 per square foot in sales and 95.3% occupancy at 9/30/16.

These latest dispositions are consistent with Macerich’s strategy of recycling capital out of non-core assets and into its development pipeline.  It is anticipated that dilution from the sales will have the impact of reducing 2017 Funds from Operations by approximately $0.06 per share.

Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

Macerich currently owns 54 million square feet of real estate consisting primarily of interests in 48 regional shopping centers. Macerich specializes in successful retail properties in many of the country’s most attractive, densely populated markets with significant presence in the Pacific Rim, Arizona, Chicago, and the New York Metro area to Washington DC corridor. Additional information about Macerich can be obtained from the Company’s website at www.macerich.com.

Merlone Geier Partners is a private real estate investment company focused on the acquisition, development and redevelopment of retail and retail-driven mixed-use properties on the West Coast. The firm has been actively investing in West Coast retail property since 1993, acquiring to date 144 properties representing over 24.5 million square feet. Raising more than $4.3 billion of discretionary institutional equity capital during that period, the firm recently raised its twelfth fund, with committed equity capital of $1.14 billion. Additional information about Merlone Geier Partners can be obtained from the Company’s website at www.merlonegeier.com.

Contact:

Thomas E. O’Hern, Sr.
Executive Vice President
Chief Financial Officer and Treasurer
310-394-6000

SOURCE: Macerich Company

Two electronic wallets Wa! and Fivory pool their expertise around a single secure, multiservice, app-based mobile payment solution

two-electronic-wallets-wa-and-fivory-pool-their-expertise-around-a-single-secure-multiservice-app-based-mobile-payment-solution
Two electronic wallets Wa! and Fivory pool their expertise around a single secure, multiservice, app-based mobile payment solution

 

•    Wa! and Fivory, the two electronic wallets developed respectively by BNP Paribas and Carrefour, and Crédit Mutuel*, Auchan, Mastercard, Oney and Total, are pooling their expertise around a single secure, multiservice, app-based mobile payment solution. The app is intended to help meet the strategic goals of digitising commerce and making life easier for customers.

•    Building on the achievements of the two separate projects to date, this new initiative will speed up the development of an ecosystem of top-rank players in this field.

Boulogne-Billancourt, FRANCE, 2016-Oct-23 — /EPR Retail News/ — A revolution is now underway in the retailing sector, which has been strongly impacted by the predominance of the smartphone and the popularity of social networks. It is now absolutely essential to be able to offer new purchasing experiences and properly manage the customer relationships which result. Banks and retailers alike have grasped this need and are now testing out mobile payments and Customer Relationship Management (CRM) solutions.

Sharing the same vision, both Fivory and Wa! were designed to meet the specific needs arising from the new consumer behaviour by digitising both payments and the various stages of the purchasing journey, regardless of which distribution channel is used. Going forward, the new unified app will enable the customer to pay, with just a single movement, for his/her purchases both in-store and on the Internet, with the guarantee of still being able to claim their usual personal loyalty benefits plus coupons, special offers, etc., and also to make use of new mobile payment services, including peer to peer money transfers and an invoice settlement facility.

Building upon the previous development work on the two original apps, the new version promises to provide an even more innovative, open and streamlined solution, which will meet the customer’s desire for simplicity, convenience and personalisation while maintaining a high level of security and data protection.

Since the two initiatives were launched, they have received the support and affiliation of a number of leading retail groups, including Auchan, Carrefour and Total, plus independent traders and other partners such as direct sales firms, events specialists and charity organisations.

The intention underlying the decision to merge Fivory and Wa! is to be able to offer all players in this ecosystem a single innovative solution which capitalises on their separate achievements and unites the various partners.

A new brand name is scheduled to be released by the end of the year and the new app is expected to be available in early 2017.

For all request about the Carrefour Group (sales, financial results, governance, international,…), please contact the Carrefour Group media relations office:

. By phone:

Switchboard: +33 (0)1 41 04 26 00

For journalists: +33 (0)1 41 04 26 17

. By e-mail: presse_groupe@carrefour.com

Source: Carrefour

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