DDR, Madison Int’l Recap 52-Center JV

Dickerman calls the recapitalization with DDR “an excellent fit with our investment strategy.”

BEACHWOOD, OH—DDR Corp. and an affiliate of Madison International Realty said Wednesday afternoon they had recapitalized a $1.05-billion joint venture as it reaches its 10-year term. The JV covers 52 shopping centers previously owned by DDR and various institutional investors through the DDR Domestic Retail Fund I.

Madison International Real Estate Liquidity Fund VI, an investment fund managed by Madison International Realty, acquired 80% of the JV’s common equity, while a DDR affiliate retained 20%. The new ownership structure is consistent with the JV structure prior to the recap. DDR will continue to provide leasing and management services.