DDR Corp. and a real estate-focused arm of private equity giant The Blackstone Group said Thursday they have teamed up to buy 76 shopping centers from American Realty Capital Properties in a deal valued at $1.975 billion. The properties being sold are anchored by retailers like Trader Joe’s, Costco and Target.
Under the transaction’s terms, the buyers will assume $461 million in debt and arrange $800 million in new financing. An affiliate of New York-based Blackstone Real Estate Partners VII will own 95 percent of the common equity in the joint venture, and Beachwood, Ohio-based DDR will control the balance.
