Cases & Deals

DDR spins off $3 billion portfolio into separate publicly-traded REIT

Client(s) DDR Corp.

Jones Day advised DDR Corp. in its spin-off of a portfolio of 50 assets, comprised of 38 Continental U.S. assets and the entirety of the Puerto Rico portfolio into a separate publicly-traded REIT named Retail Value Inc. ("RVI"). Shareholders of DDR received one RVI common share for every ten common shares of DDR held at the close of business on the record date of June 26, 2018. Fractional shares of RVI were not distributed, and instead DDR common shareholders will receive cash in lieu of any fractional shares that they would otherwise have been entitled to receive in the distribution.