Search
 

DDR May Sell 2.8 Mil Shares to Fund Major Purchase

SAN FRANCISCO-DDR has filed a registration statement relating to the possible issuance of up to 2.8 million common shares, which it may use to fund the purchase of a San Francisco property and a Richmond property.

By Michelle Savage | Updated on January 11, 2002

SAN FRANCISCO-Developers Diversified Realty has filed a registration statement with the Securities and Exchange Commission relating to the possible issuance by DDR of up to 2.8 million common shares to fund a portion of the purchase price for two California retail assets from Burnham Pacific Properties Inc.

Under the purchase agreement with Burnham, the properties will be acquired for $65.4 million. Of this amount, $15.1 million will be paid in cash. At DDR’s option, any or all of the remaining balance may be paid in cash or by the issuance of DDR common shares to Burnham. The transaction is expected to close in late February and the assets will be wholly owned by DDR.

DDR has agreed to purchase the retail component of 1000 Van Ness, which is a mixed-use property in downtown San Francisco. The 123,000 square foot building has been designated as a National Historic Landmark and is leased to AMC Theatres, Crunch Fitness and several restaurants. The property also includes a parking garage and residential units, which are separately owned.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.