DDR Reports Aussie Deal

Institutional and individual investors have invested $441.4 million (Australian) in Macquarie DDR Trust, a property trust that is expected to be listed on the Australian Stock Exchange on Nov. 26, according to Developers Diversified Realty, Cleveland.DDR, a real estate investment trust, has formed the venture together with Macquarie Bank, an Australian investment bank. MDT has acquired an 81% interest in a portfolio of U.S. community centers, with DDR retaining a 14.5% interest in the assets and the bank the remaining 4.5% interest, DDR said. The retail REIT will be responsible for management of the properties. The offer was oversubscribed, according to DDR. Scott Wolstein, DDR's chairman and chief executive officer, said the offer was "well received by the Australian investors."