Desco Group, the real estate arm of the family that owns Schnuck Markets Inc., has agreed to sell a majority stake in 33 shopping centers in a move to generate money for the Clayton-based developer's current and future projects.
Under terms of the deal, Macquarie CountryWide Trust of Sydney, Australia, will own 60 percent of the portfolio, and Regency Centers Corp. of Jacksonville, Fla., 13 percent. Desco will retain about 27 percent of the portfolio and will continue to manage the properties.
Regency said in a statement that the transaction is worth about $400 million, but Mark Schnuck, Desco president, would not confirm the amount.
The purpose of the deal, Schnuck said, was to add resources to Desco real estate projects. Market conditions are favorable to selling property at this time.
“It has nothing to do with our supermarkets,” he said. “There will be no impact on our customers.”