{"id":1004040960,"date":"2012-06-22T05:40:06","date_gmt":"2012-06-22T13:40:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004040354"},"modified":"2022-12-08T06:00:24","modified_gmt":"2022-12-08T14:00:24","slug":"blackstone-ddr-wrap-up-1-4b-retail-purchase","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-ddr-wrap-up-1-4b-retail-purchase\/","title":{"rendered":"Blackstone, DDR Wrap Up $1.4B Retail Purchase"},"content":{"rendered":"

By Gail Kalinoski, Contributing Editor<\/em><\/p>\n

The Blackstone Group’s flagship real estate fund and DDR Corp. have closed a $1.4 billion joint-venture retail purchase six months after announcing the plan to purchase the 46-property shopping center portfolio from EPN Group.<\/p>\n

The joint venture assumed about $635 million of senior non-recourse debt and originated a $320 million, five-year non-recourse loan facility. DDR Corp., an Ohio-based owner and manager of 469 shopping centers, contributed $17 million of common equity to the deal along with $150 million of preferred equity with a fixed dividend rate of 10 percent. DDR Corp. also assumed a pro rate share of the joint venture debt of $48 million. DDR Corp. is funding its investment with proceeds from the issuance of 19 million common shares.<\/p>\n

Blackstone Real Estate Partners VII, a real estate investment fund managed by Blackstone, owns 95 percent of the common equity of the JV and a DDR Corp. affiliate owns the remaining 5 percent. The deal calls for DDR Corp. to continue providing leasing and management services at the 46 open-air power centers and gives the REIT right of first refusal to acquire 10 of the assets.<\/p>\n

The properties have a total of 10.6 million square feet and are 90 percent leased to retailers including TJ Maxx, Kohl’s, PetSmart, Dick’s Sporting Goods, Best Buy, Home Depot and Wal-mart. The shopping centers are located across 20 states and serve areas with an average population of more than 300,000 in a seven-mile area and people with average household incomes of about $88,000.<\/p>\n

When the deal was announced in January, DDR Corp. president & CEO Daniel Hurwitz told Commercial Property Executive that it gave his firm the ability to retain significant fee income, enhanced current ownership and gave it future access to assets.<\/p>\n

New York-based Blackstone has been aggressively active in the retail market for more than a year. In late December, the same Blackstone fund bought a 3.9 million-square-foot shopping center portfolio<\/a> for $473.1 million from Equity One Inc. The portfolio had 36 properties, most anchored by Publix grocery stores, in seven states. In early 2011, Blackstone acquired the 588-property portfolio from Centro Properties Group<\/a> for $9.4 billion. In other big deals, Blackstone acquired the Motel 6 chain from Accor SA last month for $1.9 billion, using its recently completed $10 billion real estate fund to finance the deal.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Blackstone Group and DDR Corp. have closed a $1.4 billion joint-venture retail purchase six months after announcing the plan to acquire the 46-property shopping center portfolio from EPN Group. <\/p>\n","protected":false},"author":1068,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749],"tags":[],"class_list":["post-1004040960","post","type-post","status-publish","format-standard","hentry","category-investment","category-latest","category-retail"],"acf":[],"yoast_head":"\nBlackstone, DDR Wrap Up $1.4B Retail Purchase - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-ddr-wrap-up-1-4b-retail-purchase\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone, DDR Wrap Up $1.4B Retail Purchase\" \/>\n<meta property=\"og:description\" content=\"The Blackstone Group and DDR Corp. have closed a $1.4 billion joint-venture retail purchase six months after announcing the plan to acquire the 46-property shopping center portfolio from EPN Group.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/blackstone-ddr-wrap-up-1-4b-retail-purchase\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-06-22T13:40:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T14:00:24+00:00\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-ddr-wrap-up-1-4b-retail-purchase\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-ddr-wrap-up-1-4b-retail-purchase\\\/\"},\"author\":{\"name\":\"Gail Kalinoski\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/fc5b5df1393e5023d2417bd48c2fda57\"},\"headline\":\"Blackstone, DDR Wrap Up $1.4B Retail Purchase\",\"datePublished\":\"2012-06-22T13:40:06+00:00\",\"dateModified\":\"2022-12-08T14:00:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-ddr-wrap-up-1-4b-retail-purchase\\\/\"},\"wordCount\":376,\"commentCount\":0,\"articleSection\":[\"Investment\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-ddr-wrap-up-1-4b-retail-purchase\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-ddr-wrap-up-1-4b-retail-purchase\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blackstone-ddr-wrap-up-1-4b-retail-purchase\\\/\",\"name\":\"Blackstone, DDR Wrap Up $1.4B Retail Purchase - 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