DDR Acquires Two Prime Shopping Centers Valued at $140 Million
DDR Corp. (NYSE: DDR) today announced that it has acquired its joint venture partner's 50% ownership interest in two high quality prime power centers located in Portland, Oregon and Phoenix, Arizona for $70 million. The Company funded its entire $70 million investment with proceeds from the issuance of 4.8 million common shares through its at-the-market common equity program. At closing, $104 million of mortgage debt was repaid, and these prime shopping centers are now wholly owned by DDR and part of the Company's large and growing unencumbered asset pool.
Daniel B. Hurwitz, president and chief executive officer of DDR, commented, "This transaction is another example of our continued effort to creatively source transactions that allow us to grow our prime portfolio while improving our balance sheet and simplifying our story. Furthermore, our knowledge and familiarity of the assets reduces risk and give us confidence in the long-term growth profile of each property."
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