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SITE Centers Closes on $607M JV
SITE Centers Corp., formerly known as DDR, has closed a joint venture with two Chinese institutional investors. The 10-property venture covers properties across nine states, including Connecticut Commons in Plainville, CT (pictured), and is valued at $607 million.
Under terms of the JV, SITE Center is selling an 80% interest in the venture. The 10 properties were chosen to provide stable current income; SITE Centers’ remaining 68 wholly-owned properties will have an improved expected cash flow growth profile and increased exposure to redevelopment.
“This exciting joint venture is the culmination of a multi-year relationship-building process that has resulted in a new strategic partnership that we expect to ultimately extend beyond this initial investment,” said David Lukes, SITE Centers’ president and CEO.
Following the formation of the JV, Beachwood, OH-based SITE Centers has raised its full-year guidance on funds from operations to $2 per share, up from $1.50 per share.
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