Schnuck’s Sells Interest in 33 Shopping Centers

Desco Group, the real estate company controlled by the Schnuck family, has sold 73% interest in a portfolio of 33 shopping centers anchored by a Schnuck’s grocery store, the retailer said.

Jul 10, 2007

ST. LOUIS — Desco Group, the real estate company controlled by the Schnuck family, has sold 73% interest in a portfolio of 33 shopping centers anchored by a Schnuck’s grocery store, the retailer here said. Australia-based Macquarie CountryWide is buying a 60% interest in the properties and Regency Centers, Jacksonville, Fla., is acquiring a 13% stake, in a deal worth around $400 million, the companies said. Desco will retain 27% ownership and will continue to manage and lease the properties. The portfolio includes shopping centers in Missouri, Illinois, Indiana and Tennessee. The deal is expected to close in the third quarter.