Private equity firm Blackstone teamed with real estate firm DDR Corp. in a $1.43 billion deal to acquire 46 open-air shopping centers currently owned by ENP Group.
The deal, which includes the assumption of $640 million in debt and at least $305 million in new financing, will give Blackstone 95 percent of the common stock of the joint venture holding the malls, while DDR will own the rest. DDR will continue to manage the properties, as it has since 1995.
The shopping centers, which are spread across 20 states, cover 10.6 million square feet and are currently 90 percent leased. Top tenants include The TJX Cos. Inc., Kohl’s Corp., Gap Inc.’s Old Navy division and Wal-Mart Stores Inc.
On average, over 300,000 people live within the seven-mile trade area around the centers and household income stands at about $88,000.