The Macerich Company has added a $290m (€250m) retail centre in the US to its portfolio.

The NYSE-listed retail property investor said it has acquired the 1.3m sqft Crabtree Mall in Raleigh, North Carolina, in a deal funded with cash on hand and $100m of borrowings on its revolving line of credit.

Macerich said it expects an initial yield on the Crabtree acquisition of approximately 11% based on the property’s estimated 2025 net operating income (NOI).

Over the period of 2025 to 2028, Macerich said it intends to implement an investment plan for the property, allocating approximately $60m in new redevelopment and leasing capital to optimise the centrs’s performance.

Jack Hsieh, president and CEO of Macerich, said: “Crabtree checks all the boxes for pursuing opportunistic external growth with its strong traffic and sales, its market-dominant position in a high-growth market, the ability to drive improvements in permanent leasing and NOI as well as the accretion to our 2028 target FFO [funds from operation] ranges under the path forward plan.

“We have successfully de-risked the execution of the path forward plan with 62% of our new lease deals achieved to date, placing us well ahead of schedule to reach 70% of the path forward leasing target by year-end 2025.

“We are on track with the operational performance improvement and asset sale components of the plan as well, positioning us to create additional value with the acquisition of this irreplaceable retail property.”

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