EPN took out Macquarie's interest in Macquarie DDR Trust in April 2010, and then took out DDR's interest in 2011, and DDR (the other partner in Macquarie DDR Trust) is now partnering with Blackstone (actually, its Blackstone Real Estate Partners VII Fund) to buy all the assets. The partnership will be 95/5 in Blackstone's favor, and DDR will also own a substantial (~10%) preferred equity slice.
The shopping-center portfolio represents the bulk of the assets of the former Macquarie DDR Trust, a joint venture between Macquarie Group of Australia and DDR, a shopping-center developer in Beachwood, Ohio. In 2010, EPN acquired a majority stake in Macquarie DDR, which was renamed EDT Retail. EPN took full control a few months ago. EPN, which is based in Skokie, Ill., was formed in 2009 by Alex Berman, a former executive of General Growth Properties.