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Starwood Retail Raises $290 Million in Israeli Bond Offering

Offering Backed by $1.7 Billion U.S. Mall Portfolio
March 1, 2018
Plaza West Covina Mall in West Covina, CA

Starwood Retail Partners completed a private bond offering in Tel Aviv, Israel, this week raising about $287 million. It hopes to raise another $28 million in a further public offering of the bonds there as well.

Starwood Retail Partners is a Chicago-based subsidiary of Starwood Capital Group that owns 30 U.S. malls and lifestyle centers. The bonds were sold under a newly formed entity called Starwood West Ltd.

Starwood West's Israeli bond offering is backed by seven mall properties valued at $1.7 billion:
Plaza West Covina Mall in West Covina, CA, valued at $341million;
Southlake Mall, Merrillville, IN, $302 million;
Franklin Park Mall, Toledo, OH, $278 million;
Parkway Plaza, El Cajon, CA, $256 million;
Belden Village Mall, Canton, OH, $226 million;
Capital Mall, Olympia, WA, $199 million; and
Great Northern Mall, North Olmsted, OH, $141 million.

The valuations were completed by National Property Valuation Advisors of Seattle.

Starwood originally acquired the properties in November 2013 from Westfield Group for $1.64 billion. Westfield retained a 10% common equity interest in the properties.

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