Retail property developer Plaza Centers is selling 47 of its 49 shopping malls in the US for US$1.42 bn (EUR 1.12 bn). The buyer is BRE DDR Retail Holdings, a joint venture between a real estate fund managed by US private equity giant Blackstone and Ohio-based shopping centre group DDR Corp.

The transaction is taking place through Plaza Centers' wholly-owned US subsidiary EDT Retail Trust and includes the assumption of a total of $934 mln of debt.

Following the sale of the 47 properties, Plaza Centers will continue to hold two properties located in the US valued at $43 mln with total non-recourse secured debt of US$14 mln.

The transaction is expected to close in June 2012, and is subject to the completion of a limited due diligence investigation by the purchaser to be completed by end-January 2012, in addition to the satisfaction of certain other closing conditions.