DDR Corp, owner of shopping centers where big-box retailers are located, said on Wednesday it had agreed to purchase from Blackstone Group LP the portion of 30 centers it does not already own for $1.46 billion.The joint venture between Blackstone Real Estate Partners VII and DDR owns 44 shopping centers. Under the deal, which is expected to close in the fourth quarter, DDR will acquire the Blackstone fund's 95 percent equity ownership in 30 of the shopping centers. Blackstone will retain 95 percent interest in the 14 properties not being acquired, while DDR will keep its 5 percent stake, DDR said.Some of the centers DDR will own in full include Shoppers World in Boston, Woodfield Village Green in Chicago, Fairfax Towne Center in Washington, D.C. and Riverdale Village in Minneapolis.DDR said it intends to fund the acquisition through a combination of the assumption of $398 million in existing debt, nearly $150 million from the repayment of preferred equity and mezzanine loans previously funded by DDR and proceeds from the sale of 32 million shares and unsecured debt.
The Blackstone Group L.P. (Blackstone) is a United States-based company that is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 0.49% or $0.11/share to $22.64. In the past year, the shares have traded as low as $11.13 and as high as $23.30. On average, 5132710 shares of BX exchange hands on a given day and today's volume is recorded at 4540233.
DDR Corp.(DDR) is a self-administered and self-managed real estate investment trust. Shares of DDR traded higher by 0.67% or $0.13/share to $19.41. In the past year, the shares have traded as low as $13.29 and as high as $19.34. On average, 2545370 shares of DDR exchange hands on a given day and today's volume is recorded at 1213518.
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