A real estate arm of private equity firm Blackstone Group is teaming up with real estate investment trust DDR Corp. to buy 46 U.S. shopping centers from an affiliate of Tel Aviv’s Elbit Imaging Ltd. in a deal worth $1.43 billion.
The deal, announced on Wednesday, includes $640 million of assumed debt and roughly $305 million in new financing. The shopping centers—currently owned by Elbit Imaging subsidiary EPN Group—are located in 20 states, comprise 10.6 million square feet of retail space, and are 90 percent leased to such tenants as retailers as TJX (operator of T.J. Maxx and Marshall’s), Kohl’s, and PetSmart.
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