DDR and Blackstone form $2b retail JV to acquire shopping centers
DDR. Corp. has joined in on the $1.975 billion acquisition of American Realty Capital Properties’ shopping center portfolio by Blackstone Real Estate Partners VII, an affiliate of The Blackstone Group. The fund announced the acquisition last month.
Blackstone owns 95 percent of the common equity of the joint venture, and an affiliate of DDR owns the remaining 5 percent. DDR will also invest up to a maximum of $300 million in preferred equity in the joint venture.
The Blackstone opportun