The first phase of a US portfolio sale by Macquarie CountryWide Trust has netted $US778.5 million ($921.6m) in gross value.

The Sydney-based retail property investor today said it had signed contracts to sell a 75 per cent interest in a portfolio of 86 US assets owned in a joint venture with Regency Centres Corp.

The group also said that revaluations on all of the properties in its portfolio had resulted in a decrease of 8.9 per cent, or $401m, from the previous book value.

The Australian