The Blackstone Group and DDR Corp plans to purchase 46 shopping centres
The Blackstone Group and DDR Corp yesterday announced plans to purchase 46 shopping centres owned by EPN group for USD 1.43 billion, including the assumption of at least USD 945 million in debt.
A Blackstone affiliate, Blackstone Real Estate Partners VII, will own 95 per cent of the joint venture.
DDR will own 5 per cent and invest USD 150 million in preferred stock with a fixed dividend rate of 10 per cent.
In order to finance its investment in the joint venture, DDR said it began a public offering of 15 million shares and expects to give underwriters an option to buy up to 2.25 million more shares.