Simpson Thacher Represents Blackstone in its $1.46 Billion Sale of a Portfolio of Prime Shopping Centers to DDR Corp.
05.15.13
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The Firm is representing Blackstone Real Estate Partners VII (Blackstone) in connection with the sale of a portfolio of prime shopping centers to DDR Corp. from its existing joint venture with DDR Corp. for $1.46 billion. The joint venture between Blackstone and DDR currently owns 44 shopping centers. DDR has executed a purchase and sale agreement to acquire Blackstone's 95% common equity ownership interest in 30 of these shopping centers. The 14 shopping centers not being acquired will remain in the venture owned 95% by Blackstone and 5% by DDR. The deal is expected to close in the fourth quarter of 2013 and is subject to customary closing conditions.
In 2012, Simpson Thacher represented Blackstone in connection with the acquisition of the aforementioned shopping centers and the formation of the joint venture that Blackstone entered into with affiliates of DDR to acquire the properties.
The Simpson Thacher team includes Greg Ressa, Erik Quarfordt and Frank Mangiatordi (Real Estate); Wilson Neely and Matt Rogers (M&A); Joyce Xu (Derivatives); and Jonathan Goldstein (Tax).