A fund managed by Madison International Realty has acquired an 80% stake in a joint venture owning a portfolio of 52 grocery-anchored shopping centres. DDR Corp. (NYSE: DDR), which owned the shopping centres in partnership with several pension funds, retains the remaining interest in the JV, DDR Domestic Retail Fund I, which has a total capitalization $1.05 billion (£0.79 billion).
Madison International Real Estate Liquidity Fund VI, an investment fund managed by Madison International Realty, acquired 80% of the common equity of the joint venture and an affiliate of DDR retained 20%.
The JV will be a long-term strategic partnership. DDR will continue to provide leasing and management services.