Starwood Capital Group raised $264 million from Israeli bond investors to refinance a portfolio of seven U.S. malls, reports Crain's Cleveland Business. Starwood's debt offering began trading on the Tel Aviv Stock Exchange this week, but investors snapped up the bonds in an auction ahead of public trading, and demand exceeded the amount Starwood sought to raise.
Starwood acquired the malls — three in Ohio, two in Southern California and one each in Indiana and Washington state — from Westfield for $1.6 billion. JCPenney and Macy's anchor some of the malls.
By Brannon Boswell