Beachwood, Ohio -- DDR Corp. announced an agreement to acquire a portfolio of prime power centers from its existing joint venture with Blackstone Real Estate Partners VII. The acquisition is slated to close in fourth quarter 2013.
The joint venture between Blackstone and DDR currently owns 44 shopping centers, and DDR will acquire Blackstone's 95% common equity ownership interest in 30 of the shopping centers for $1.46 billion.
The portfolio being purchased includes 10 properties that DDR has a current right-of-first-offer to acquire, such as Shoppers World in Boston, Woodfield Village Green in Chicago, Fairfax Towne Center in Washington, D.C., and Riverdale Village in Minneapolis.
The 14 properties not being acquired will remain in the venture owned 95% by Blackstone and 5% by DDR, and DDR will continue to manage and lease those properties.
"We are very pleased to add these outstanding assets to our wholly owned portfolio," said Daniel B. Hurwitz, CEO, DDR. "It was our goal to accomplish this upon the initial formation of the venture with Blackstone, and we thank them for being outstanding partners.”