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Blackstone exits stakes in 30 shopping centres

16 May 2013

retail shopping_sqBuyout major Blackstone has agreed to sell its controlling stakes in 30 shopping centres to joint venture partners DDR for $1.46bn.

Under the terms of the deal, DDR will acquire 95 per cent interests in 30 of the 44 shopping centre owned by its joint venture with Blackstone.

The private equity firm will retain 95 per cent stakes in the remaining 14 centres via its Real Estate Partners VII fund with DDR owning the balance.

As part of the deal, DDR will assume $398m of existing debts, nearly $150m from the repayments of preferred equity and mezzanine loans. It also has the right to issue $250m worth of common shares to Blackstone as part of the consideration.

The joint venture between Blackstone and DDR was launched in 2012 when it acquired 46 open air shopping centres in 20 states for $1.43bn.

Earlier this month it was reported that Blackstone was planning to make a full exit from real estate investment trust General Growth Properties.

Another report said that the New York-headquartered firm could acquire a 14 per cent stake in custodian and depository group Stock Holding Corporation of India.

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