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DDR to acquire select power enters for $1.46 billion
Beachwood, Ohio -- DDR Corp. announced an agreement to acquire a portfolio of prime power centers from its existing joint venture with Blackstone Real Estate Partners VII. The acquisition is slated to close in fourth quarter 2013.
The joint venture between Blackstone and DDR currently owns 44 shopping centers, and DDR will acquire Blackstone's 95% common equity ownership interest in 30 of the shopping centers for $1.46 billion.
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Massachusetts OKs Fenway Center
Boston -- The administration of Massachusetts Gov. Deval Patrick has agreed to allow the construction of a 4.5-acre complex called Fenway Center in the area around Fenway Park in the city’s Back Bay neighborhood. Developer John Rosenthal will pay $226 million in rental fees to build the development, which will include retail stores as well as homes and office buildings.
The development includes state-owned land as well as air rights over the Massachusetts Turnpike.