Blackstone/DDR JV to Acquire Shopping Center Portfolio
06.12.14
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The Firm is representing Blackstone Real Estate Partners VII in connection with the acquisition of 76 shopping centers owned by American Realty Capital Properties, Inc. (NASDAQ: ARCP) in a transaction valued at $1.975 billion. The 16.4 million square foot portfolio consists of prime power centers in Los Angeles, Houston, Denver, Chicago, Atlanta, Washington, D.C. and Phoenix. The transaction is expected to close in the third quarter of 2014. Blackstone is forming its third joint venture with DDR Corp. (NYSE: DDR) to complete this transaction.
The Simpson Thacher team includes Greg Ressa, Erik Quarfordt, Alexander Labowitz, Jason Mohr, Charles Clinton, Justin Vilinsky, Allan Chorny, Danielle Jackson, Kevin Boroumand and Beatrice Branch (Real Estate); Greg Grogan and David Mollo-Christensen (Executive Compensation and Employee Benefits); and Nancy Mehlman and Sophie Staples (Tax).