HFF (Holliday Fenoglio Fowler, L.P.) has been named as a co-advisor, along with Macquarie Capital Advisers Limited and UBS Securities, LLC, for a strategic review of Macquarie DDR Trusts (MDT) U.S. based real estate assets and to market for sale a 52-property shopping center portfolio in 20 states owned in a subsidiary, Macquarie DDR U.S. Trust Inc.
HFF executive managing director John Pelusi, senior managing directors Barry Brown and Doug Hazelbaker and managing director Lynn De Marco will lead the HFF investment sales team on behalf of the seller, a joint venture between Macquarie DDR Trust and Developers Diversified Realty Corporation. Investors may seek to purchase MDTs interest (approximately 85.5%) or 100% interest of the portfolio, sub-portfolios or individual assets. As of 31 December 2008, these assets were valued at approximately USD1.9 billion by MDT.
The portfolio totals 12.5 million square feet and has an average occupancy of 88.5%. Major tenants include Walmart, BJs Wholesale Club, Bed Bath & Beyond, Best Buy, T.J. Maxx, Kohls and Dicks Sporting Goods. The following properties are included in the portfolio:
Macquarie DDR Trust is a listed real estate investment trust with assets totaling $2.7 billion. As of 20 September 2008, more than $36 billion of real estate assets are managed globally by Macquarie Group and its associates across a portfolio of listed and unlisted real estate trusts, unlisted development funds and real estate investment syndicates.
Developers Diversified Realty Corporation owns and manages more than 720 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Russia and Canada totaling more than 159 million square feet. Developers Diversified is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company, which acquires, develops, leases and manages shopping centers.
L.D.