DDR forms joint venture with affiliate of Madison International Realty to manage portfolio of shopping centers
Clients DDR Corp.
Jones Day advised DDR Corp. (NYSE: DDR) and an affiliate of Madison International Realty in a recapitalization of a joint venture with 52 shopping centers previously owned by DDR and various partners through the DDR Domestic Retail Fund I, totaling $1.05 billion.
The portfolio, totaling 7.0 million square feet, consists primarily of grocery anchored shopping centers located predominantly in Florida and the Southeastern United States and was originally formed in 2007. Three properties previously held by the partnership have been excluded from the recapitalization and are being held in a separate joint venture with the previous partners of DDR Domestic Retail Fund I including DDR. The recapitalization includes the repayment of all outstanding mortgage debt previously held by the partnership with a new $707 million mortgage loan ($141 million at DDR share) secured by the 52 assets.