BEACHWOOD, OH—DDR Corp. has closed the acquisition of a portfolio of 30 prime power centers from its existing joint venture with Blackstone Real Estate Partners VII L.P., which had held a 95% interest in the properties. In May, DDR announced that they had executed a purchase and sale agreement for $1.46 billion.

The 95% leased portfolio totals about 11.8-million-square-feet and has a host of high-quality tenants such as Walmart, Target, T.J. Maxx, Kohl's, PetSmart and others. DDR officials say the acquisition simplifies their corporate structure by reducing joint venture assets by 20% and enhances EBITDA quality by converting shorter-term fee and interest income into higher multiple, long-term property level cash flow with strong growth potential.

"This investment further demonstrates our commitment to improve the quality of the prime portfolio while simplifying our story and enhancing our earnings composition,” says Daniel B. Hurwitz, chief executive officer of DDR. “Our deep knowledge of the assets reduces risk and gives us confidence in the long term growth profile of the assets.”