PREI is footing most of the bill, providing 80% of the money to close the deal. The investment is being made on behalf of PRISA II, a $1.5 billion open-end commingled equity fund it manages for institutional investors.

DDR, which has a 79% stake in Coventry, is providing the remaining 20%. DDR is also buying a 15th retail property from Burnham in a separate deal. The latter's board of directors has okayed the deal, but shareholders still have to approve it.

Under the terms of the deal, DDR will collect management fees for operating and leasing the properties, which are mostly in the San Francisco and Los Angeles areas, as well as Washington and Oregon. DDR will also receive a promoted interest above 10% threshold returns to limited partners.