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DDR and Blackstone to acquire 76 shopping centers for $1.975 billion
Beachwood, Ohio — DDR Corp. and an affiliate of Blackstone Real Estate Partners VII have announced the formation of a third joint venture to acquire 76 shopping centers currently owned by American Realty Capital Properties, Inc.
The joint venture will acquire the portfolio in a transaction valued at $1.975 billion, including assumed debt of $461 million and approximately $800 million of new financings.
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Warmer weather boasts sales in May
New York -- Costco Wholesale Corp. was among the retailers who topped sales expectations in May as warmer weather encouraged consumers to go out and shop.
Costco’s same-store sales rose 6% in May, with a 6% rise in U.S. sales and a 4% increase in international sales, better than analysts had expected.
At L Brands, owner of Victoria's Secret and Bath & Body Works, same-store sales were up 3 in May, better than projections. Total revenue for the month rose 4% to $763.6 million.