Stan Bullard (he always gets the scoop! HA) is reporting that DDR has renewed interest in a joint venture with MDT US LLC joint venture, an affiliate of Macquarie DDR (ASX: MDT) of Australia. 
Developers Diversified Realty Corp. (NYSE: DDR) announced today that it has redeemed its interest in the MDT US LLC joint venture, an affiliate of Macquarie DDR (ASX: MDT) of Australia.
While most people are scared shitless of retail centers right now – DDR is full force ahead. Some would say genius! See the full story below:
Beachwood-based Developers Diversified secured full ownership of three U.S. shopping centers with 857,000 square feet of selling space in exchange for its 14.5% stake in the joint venture and a cash payment of $1.6 million to the joint venture's parent, DDR Macquarie Fund.
Sydney, Australia-based Macquarie DDR Trust shareholders approved the redemption of the interest in the joint venture in the U.S. shopping center market.
As part of the transaction, Developers Diversified repaid $17 million of mortgage debt on two of the centers. A $48 million mortgage now encumbers two of the centers; a third is mortgage-free.
The shopping centers range from 197,000 to 353,000 square feet in size and are in Atlanta, Marietta, Ga., and Brandon, Fla. Developers Diversified said it remains the joint manager of the trust and leases and manages the remaining assets in the DDR Macquarie Fund.
David Oakes, senior executive vice president of finance and chief investment officer for Developers Diversified, said the redemption provides both parties enhanced flexibility and achieves its goal of simplifying its structure, lowering leverage and eliminating near-term financial maturities. Developers Diversified owns and manages about 670 retail operating and development properties.
Interesting – Very interesting!!!
