Maguire, Aussie REIT Form JV

Maguire Properties, a Los Angeles-based office real estate investment trust, has formed a joint venture with Macquarie Office Trust, an Australia-based REIT, to invest primarily in Southern California office properties.The venture initially has six assets worth $1.195 billion and totaling 4 million square feet, Maguire reported. Of these, five were contributed by Maguire and one by Macquarie. According to Maguire, the joint venture will help it remove debt from its balance sheet and raise proceeds for future acquisitions. Maguire will have a 20% ownership interest in the venture and manage the properties, for a fee, on a day-to-day basis. Maguire can be found online at http://www.maguireproperties.com.