Macquarie CountryWide Trust has agreed to sell its 75% stake in a US portfolio of 86 properties for $US1.3bn ($1.6bn) to cut debt.

The price reflected a capitalisation rate of 9.1%, based on Macquarie Countrywide's estimated net operating income for calendar year 2009, and valued the whole portfolio at $1.73bn, the property trust said in a statement.

The portfolio is owned in partnership with Regency Centers.

The deal will eliminate $1.38bn of US dollar-nominated debt maturing in coming years and will release about $226m of gross cash proceeds, Macquarie CountryWide said.

The Australian