Macerich and HGTV partner for in-mall experience for the holidays Macerich is collaborating with home and lifestyle brand HGTV to create Santa HQ – an interactive holiday experience at 10 malls across the country through digital and social media. Santa HQ was conceived in collaboration with and produced by New York-based Pop2Life, an experiential marketing agency. The new HGTV-branded Santa HQ will arrive this holiday season at 10 Macerich properties.
Macerich forms joint ventures on assets valued at $5.4B Macerich has reached agreement to form joint ventures to which Macerich will contribute interests in eight assets with expected cash proceeds to Macerich totaling $2.3B. GIC will have a 40% interest in five assets and Heitman will have a 49% interest in three assets. The transactions are expected to close in phases starting in October 2015 and concluding in 1Q16. Concurrent with or prior to the joint venture closings, the company is planning to put financing on South Plains Mall and Twenty Ninth Street center and will refinance the debt on Washington Square, Los Cerritos Center and Arrowhead Towne Center. Included in the total cash proceeds, mentioned above, is Macerich's share of the excess financing proceeds which is estimated to be $1.14B. Use of the proceeds is expected to include share repurchases under the company's announced $1.2B share repurchase program, a pay down of the line of credit debt balance and for a special dividend of $3.50-$4.50 per share.