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GE SUBSIDIARY TO SELL REGENCY SHARES

GE Capital subsidiary Security Capital Group is selling its 55 percent stake in grocery-anchored center owner Regency Centers. Jacksonville, Fla.-based Regency, one of the largest owners of open-air centers in the United States, operates 261 centers throughout the country, totaling 29.6 million square feet. The stake, which Security Capital bought in 1996, amounts to 34.3 million shares and is valued at $900 million.

LEND LEASE TO UNLOAD BLUEWATER STAKE

Australia-based Lend Lease Real Estate Investments plans to sell its 30 percent stake in Bluewater, Europe’s largest and probably most valuable shopping center, located in Kent outside London. Lend Lease, which observers say has been hurt by its overexpansion outside Australia, says it is seeking to reduce its non-Australian assets. JP Morgan Securities values the 1.6 million-square-foot Bluewater, which opened in 1999, at £1.4 billion ($2.3 billion). Bluewater’s owners also include British insurance company Prudential (with 35 percent) and British pension management firm Hermes (10 percent).

KMART RETURNS TO NASDAQ

Kmart Corp. resumed trading on the Nasdaq on June 10, opening at $17.55 per share and jumping as high as $21.42 that day. The discount retailer emerged from bankruptcy protection in May after closing about 600 stores. It now operates some 1,500 units. The shares had been trading on the OTC Bulletin Board. Kmart filed for bankruptcy in January 2002, as competition from Target and Wal-Mart hurt its business.

St. Louis Galleria

GGP BUYS OUT PARTNER

General Growth Properties is buying out the 49 percent interest in the GGP Ivanhoe III joint venture held by its Canadian partner, Ivanhoe Cambridge, as well as two regional malls. The transactions total $869 million. The Ivanhoe Cambridge deal will give GGP 100 percent ownership of the entity’s properties. (GGP will continue to own 51 percent, and Ivanhoe Cambridge 49 percent, of one center.) Separately, GGP is buying the 1.2 million-square-foot St. Louis Galleria and the 1.1 million-square-foot Coronado Center, Albuquerque, N.M.

M&H TO SELL 35 CENTERS

M&H Realty Partners is selling 35 California shopping centers valued at a total of about $1 billion, according to the San Francisco-based community center owner firm. At press time the company was expecting to select from bids for the centers, which are located all across the state, by the end of last month. When those are sold, the company says, it will acquire and renovate more. Eastdil Realty is marketing the properties. M&H was founded in 1994.