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CLEVELAND-Developers Diversified Realty is contributing three more properties, valued at $96.8 million, to its joint venture with Australia-based Macquarie Bank Limited. After the deal is completed, the venture, called Macquarie DDR Trust, will have a total of 25 community centers totaling 12 million sf.

As it has with the other properties in the Macquarie venture, DDR will lease and manage the centers. The properties are the 312,178-sf Harbison Court in Columbia, SC; the 567,067-sf Lakepointe Crossing in Lewisville, TX; and the 228,344-sf Riverchase Promenade in Birmingham, AL. Tenants in the centers include Barnes & Noble, Best Buy and OfficeMax.

Macquarie DDR Trust was formed in November 2003 and is listed on the Australian stock exchange. In May the venture acquired 12 properties valued at $538 million.

DDR, the owner of about 460 centers totaling 102 million sf in 44 states, has been busy in the last few months. This week the locally based REIT’s executives said the company is selling about 5.5 million shares of common stock valued at $250 million to help pay for its acquisition of a more than $1.1-billion shopping center portfolio in Puerto Rico. For full story, click here.

Also last month, DDR opened the 475,000-sf Beaver Creek Commons in Apex, NC and acquired the 1.1-million-sf Buena Park (CA) Downtown for $91 million with partner Coventry Realty Advisors. Earlier in November, DDR contributed 13 centers valued at $204 million to a joint venture with Kuwait Financial Centre-Markaz.

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