BLACKSTONE, DDR CLOSE PURCHASE OF $1.4B RETAIL PORTFOLIO

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SKOKIE, ILL. — Blackstone Real Estate Partners VII (NYSE: BX) and DDR Corp. (NYSE: DDR) have completed the $1.4 billion acquisition of Skokie-based EPN Group’s 46-property shopping center portfolio.

The properties include open-air, value-oriented power centers totaling 10.6 million square feet in 20 states. Top tenants by base rent include the TJX Cos., Kohl’s, PetSmart, Dick’s Sporting Goods, Best Buy, Bed Bath & Beyond, JoAnn’s, Old Navy, Walmart and The Home Depot. The portfolio is 90 percent leased.

Additionally, the joint venture has assumed $635 million of senior non-recourse debt and has originated an additional five-year, $320 million non-recourse loan facility.

Blackstone owns 93 percent of the common equity of the joint venture and an affiliate of DDR owns 5 percent. DDR will continue to lease and manage the properties, and has the right of first offer to acquire 10 of the shopping centers under specified conditions.

To read the initial article regarding the announcement of the acquisition, click here.

Blackstone’s share price closed at $12.3 per share on Wednesday, down from $15.94 a year earlier. DDR’s share price closed at $14.26 per share, up from $13.51 a year ago.

— Savannah Duncan

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