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EPN Sells 46 Centers to Blackstone/DDR for $1.4B

SKOKIE, IL-The EDT Retail portfolio, 48 sites owned under Macquarie DDR Trust, was acquired and taken private by EPN's parent Elbit Imaging this past summer.

By Robert Carr | Updated on January 10, 2012

SKOKIE, IL-The locally based EPN Group, part of Alex Berman-headed EPN Investment Management, has agreed to sell a portfolio of 46 shopping centers to a joint venture of New York City-based Blackstone and Beachwood, OH-based DDR for $1.43 billion. Berman had just finalized the takeover of the properties from EDT Retail Trust, previously known as Macquarie DDR Trust, this past summer.

The Blackstone fund Blackstone Real Estate Partners VII will own 95% of the common equity of the joint venture, with DDR, which has managed the properties, owning the rest. The venture will be known as BRE DDR Retail Holdings LLC. The deal includes $640 million in assumed debt and at least $305 million of new financing. DDR is also investing $150 million into the venture, and will have the right of first offer to purchase 10 of the assets should the venture decide to sell.

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