Blackstone, DDR Venture Snags $1.4B Elbit Retail Portfolio

Law360, New York (June 21, 2012, 1:08 PM EDT) -- A unit of Israel's Elbit Imaging Ltd. unloaded a bundle of 47 retail shopping shopping centers in a $1.4 billion sale to a new joint venture between Blackstone Group's real estate fund and DDR Corp., the trio said Wednesday.

In the deal, the joint venture — which is 95 percent Blackstone-owned — took on $635 million of senior nonrecourse debt and tacked on a new $320 million five-year loan facility.

DDR contributed $17 million in common equity plus $150 million preferred equity, and took on a...
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