Officials with DDR did not offer any reasons why the deal isdead. Company officials said in a statement that they continue "toengage in active discussions with the institutional investorconcerning assets which might be included in a potentialtransaction in 2009." A company spokesman did not return a call forcomment.
The sale was supposed to include almost six million square feetof properties, with DDR ending up owning 20% and the partner owning80%, and was supposed to decrease leverage and fund other possiblecapital expenditures with better upsides. David Oakes, EVP offinance and CIO with DDR, said in the statement that the company isdisappointed. "We continue to access many sources of capital inorder to meet our goals of improving our liquidity and lowering ourleverage."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
