Macquarie CountryWide Trust (MCW) said the value of the property in its portfolio decreased nearly 9%, or around $400 million from the previous book value. The Macquarie satellite also said it had signed contracts to off-load its 75% interest in 86 US properties for a realisation of US$778.5 million ($921 million).

The property group said it remained commited to selling the remainder of its portfolio.

Macquarie CountryWide Trust’s CEO, Steven Sewell said the sale, including the recently announced sale of a US joint venture interest to GRI, was a part of strategy to pay down debt.

“Over the last 18 months, the Trust has completed or contracted to sell A$2.33 billion of assets from the portfolio,” Mr Sewell said.

Our aim going forward is to deliver consistent and sustainable long-term growth for investors from our portfolio of quality grocery-anchored shopping centre properties owned predominantly in Australia and New Zealand,” Mr Sewell said.

On completion of these sales, the Trust would repay or eliminate $1.8 billion of property-level debt, Mr Sewell said.

Weighted average capitalisation rates increased from 7.4% to 8.0% the company noted.

At 1101 AEST, Macquarie CountryWide shares were up 1c to 50.5c.