Blackstone, DDR Team Up In $1.4B Retail Center Deal

Law360, New York (January 11, 2012, 12:03 PM EST) -- Private equity firm Blackstone Group LP and real estate investment trust DDR Corp. have agreed to purchase 46 U.S. shopping centers for $1.43 billion from an affiliate of Israeli holding company Elbit Imaging Ltd., creating a joint venture, the buyers announced Tuesday.

The purchase price for the joint venture includes taking on $640 million in debt and providing $305 million in new financing, Blackstone and and DDR said in a statement. The Blackstone Real Estate Partners IV fund will own 95 percent of the venture and the...
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