Brandywine, Macquarie Form Joint Venture

Brandywine Realty Trust, Plymouth Meeting, Pa., has entered into a joint venture with the Australia-based Macquarie Office Trust and has contributed two office buildings to the venture.The two fully occupied class A office properties in Wilmington, Del., are valued at $112.8 million, and have a total of 632,797 square feet, Brandywine said. The real estate investment trust will retain a 20% interest in the venture and Macquarie will have an 80% interest. The retail REIT has used about $53.4 million of the cash proceeds to repay the mortgage debt on the properties and expects to use the rest partly to repay borrowings under its line of credit. The venture has obtained $74.5 million of five-year, fixed-rate mortgage debt on the properties, Brandywine said.