Finance & Capital Management

By Yaromir Steiner

Beachwood, Ohio — DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale. DDR acquired Blackstone’s 95% share.

The company funded the investment through a combination of proceeds from the issuance of new common equity and unsecured debt, preferred equity and mezzanine loan repayments and the assumption of existing mortgage debt.

Beachwood, Ohio — DDR Corp. has announced the closing of its previously announce acquisition activity totaling $591 million. The acquisitions include a portfolio of seven prime power centers in a newly-formed joint venture with an affiliate of Blackstone Real Estate Partners VII L.P. for $332 million in August and two market dominant regional power centers in Orlando, Fla. and Atlanta, Ga., for an aggregate $259 million in July.

Beachwood, Ohio — DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale. DDR acquired Blackstone’s 95% share.

The company funded the investment through a combination of proceeds from the issuance of new common equity and unsecured debt, preferred equity and mezzanine loan repayments and the assumption of existing mortgage debt.

Garden City, N.Y. — Beth L. Lamport, 70, executive VP with Sabre Real Estate Group LLC died Sept. 27 at her home in Port Washington.

The cause was uterine cancer. “She was a dynamo in the business,” said Kenneth Breslin, a Sabre principal.

Plano, Texas – J.C. Penney Company shareholder Alan Marcus is suing the troubled department store chain because of its recent decision to build equity by issuing more than $800 million worth of new stock, which sent share values plunging, Reuters reported.    

The report said Marcus, who bought 300 shares of Penney stock on Sept. 26 shortly before the new stock was announced, is trying to obtain class-action status for his suit.
     

Springfield, N.J. – Village Super Market reported net income of $6.2 million during fourth quarter 2013 and $25.8 million during the full fiscal year. These figures were respectively down 31% from $9 million and 18% from $31.4 million year-over-year.

The retailer cited the negative impact of higher expenses and lower gross profits as contributing to its drop in net income.

Staples has acquired Runa, a software company based in San Mateo, Calif., that helps online retailers increase sales by personalizing the shopping experience. Terms and conditions of the acquisition were not disclosed.

J.C. Penney is making headlines again thanks to shareholder Alan Marcus, who is suing the troubled department store chain because of its recent decision to build equity by issuing more than $800 million worth of new stock, which sent share values plunging, Reuters reported.

The report said Marcus, who bought 300 shares of Penney stock on Sept. 26 shortly before the new stock was announced, is trying to obtain class-action status for his suit.