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August 16, 2005

By Michelle Napoli

US REIT Developers Diversified Realty Corp. and Australia Stock Exchange-listed Macquarie DDR Trust have teamed up to buy a 2.74 million-sf portfolio of Mervyns stores; the deal is expected to close in September. While technically the operating company that sold the real estate assets is a different entity than the one leasing them back from the JV, the transaction effectively functions as a sale-leaseback.

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