DDR To Spin Off Assets, Create New REIT Valued At $3B

Shopping center REIT DDR Corp. will spin off a portfolio of 50 assets with a gross book value of approximately $3B.

The assets, which include 38 properties in the continental U.S., as well as 12 in Puerto Rico, will fall under a new publicly traded REIT called Retail Value Trust.

The spinoff will help DDR simplify operations, maintain the strength of its balance sheet and improve focus on its strategy moving forward.

“This transaction represents a final, decisive step in our transformation process, resulting in top-tier demographics and much greater exposure to long-term redevelopment opportunities,” DDR President and CEO David Lukes said in a statement.

RVT will be externally managed by DDR and will be capitalized through a $1.35B committed mortgage finance in early 2018.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Meet The Early Movers In America's $3T Push For Manufacturing Construction

How U.S. Giant Realty Income Bought The UK And Europe

Spirit Christmas Unveils Plans To Grow Store Count This Holiday Season

Hurricane Isaias Puts More Than $40B In Multifamily Property In Its Path

Braemar Inches Closer To Ashford Breakup With $372M Hotel Sale

How Houston's Next Generation Of Retail Can Elevate The Suburbs And Attract Customers

Transformers: Yet Another Data Center Power Infrastructure Supply Chain Bottleneck

Proposed EPA Rule Change Could Cut Months From Timelines Of Projects Near Wetlands

Deutsche Bank Files $260M Foreclosure Suit For Broward County Mall

Rates, Rents And AI Risks: Peter Linneman's Warning For CRE

Heitman, Andover Target Self-Storage With New Investment JV

U.S. Multifamily Market Regaining Its Balance As Yearslong Supply Wave Tapers Off