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GI Partners Sells Majority Stake In FlatIron Crossing To JV Partner Macerich

 GI Partners Sells Majority Stake In FlatIron Crossing To JV Partner Macerich

Sale of 2009 Investment Yields Return of 2x Invested Capital

PR Newswire

MENLO PARK, Calif., Nov. 6, 2012

MENLO PARK, Calif., Nov. 6, 2012 /PRNewswire/ -- GI Partners ("GI"), a leading
mid-market private equity firm, announced today the sale of its 75% ownership
stake in FlatIron Crossing, a 1.7 million square foot class-A regional mall
located in Broomfield, CO, to its joint venture partner, Macerich (NYSE:MAC),
a public real estate investment trust. GI Partners invested in FlatIron
Crossing in 2009, acquiring its 75% interest in the mall from Macerich, who
remained the operating partner in the venture. The sale of FlatIron Crossing
generated a return of approximately two times invested capital and over a 25%
gross internal rate of return to limited partners of GI Partners Fund III,
L.P.

Developed in 2000 by a Macerich subsidiary, FlatIron Crossing is widely
recognized as the premier enclosed mall serving the north Denver market. The
mall is anchored by leading retailers including Nordstrom, Dillard's, and
Macy's, as well as junior anchors Dick's Sporting Goods, Crate & Barrel, and
The Container Store, and is also joined by more than 200 shops and
restaurants. In addition to its retail tenants, the property houses 30 acres
of parks landscaped with native plants, streams, waterfalls, and trails that
enhance the Colorado shopping experience.

Rick Magnuson, Executive Managing Director of GI Partners, said, "Our very
successful partnership with Macerich in FlatIron Crossing is a further
demonstration of our compelling track record of working with best-in-class
management teams to proactively implement measures that recognize the full
inherent value of world-class assets. We structured a transaction with
Macerich after the financial markets collapsed to align our interests and
collaboratively navigate the downturn by securing the long-term tenancy of
numerous marquee tenants. Macerich is well-positioned to continue developing
the amenities of this dominant North Denver mall for sustained long-term
growth and success."

About Macerich
Macerich 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.
Additional information about Macerich can be obtained from the Company's Web
site at www.macerich.com.

About GI Partners
Established in 2001, GI Partners is a leading private investment firm with
investments in North America and Western Europe. In addition to focusing on
and improving location-based businesses, the firm has a successful track
record of investing in asset-intensive companies in the technology, healthcare
services, and real estate services sectors. Previous and existing investments
include Sunset Gower Studios, Waypoint Real Estate Group, Digital Realty Trust
(NYSE:DLR) and SoftLayer Technologies. Since inception, the firm has managed
approximately $8.5 billion of equity capital commitments from recognized
institutional private equity and real estate investors in the U.S., Europe,
Asia, and the Middle East. For more information, please visit
www.gipartners.com.

Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334

SOURCE GI Partners

Website: http://www.gipartners.com
 
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