Developers Diversified and Joint Venture Partner Sonae Sierra Announce the Opening of Manauara Shopping, a New Enclosed Mall in
16 April 2009 - 10:59PM
Marketwired
Developers Diversified Realty (NYSE: DDR), the nation's leading
owner, developer and manager of market-dominant shopping centers,
is pleased to announce the opening of Manauara Shopping, a
502,259-square-foot enclosed mall in Manaus, Brazil, a city of 1.7
million people located on the Amazon River.
Developers Diversified owns 47.5 percent of the shopping center
through its ownership interest in Sonae Sierra Brasil, the
developer, owner and manager of the property.
Manauara Shopping is the first ground-up development by the
partnership, which owns and manages nine additional open and
operating centers in Brazil, totaling 3.4 million square feet.
"We are very pleased that Manauara Shopping is more than 90%
leased today," says Richard E. Brown, executive vice president of
international at Developers Diversified. "That, and completing the
project on schedule, has placed us as a highly preferred developer
among the retailer community in Brazil."
In December 2008, Developers Diversified announced bank approval
for a new 8.5 percent fixed-rate, twelve-year financing of R$112
million for Manauara. The financing has since closed and the full
funding is almost complete.
Manauara Shopping boasts 12 anchors, including Brazil's most
popular retailers: C&A, Marisa, Renner, Riachuelo, Saraiva
Megastore, Bemol, Din�mica, Hitech Import, a 10-screen movie
theater and a fitness center.
The center's dramatic architectural features include a two- and
three-story glass fa�ade on the main entrance and food court,
allowing natural light to illuminate the interior areas. The food
court looks out to a lush preserve of trees and offers 18 dining
choices, including four sit-down restaurants.
The new center has four shopping levels, each named after trees
and fruits native to the Amazon region: Buriti, A�a�, Tucum� and
Castanheira. The parking lot can accommodate 2,750 cars and each
parking sector has electronic panels to help visitors find
available spaces.
Developers Diversified Realty currently owns and manages over
710 retail operating and development properties in 45 states, plus
Puerto Rico, Brazil and Canada, totaling approximately 157 million
square feet. Developers Diversified is a self-administered and
self-managed REIT operating as a fully integrated real estate
company that acquires, develops, leases and manages shopping
centers. Additional information about Developers Diversified is
available on the Internet at www.ddr.com.
Sonae Sierra is an international shopping center specialist,
with a passion for bringing innovation and excitement to the
shopping and leisure center industry. The company owns 51 shopping
centers in Portugal, Spain, Italy, Germany, Greece, Romania and
Brazil. Sonae Sierra has 13 projects under development and 11 new
projects in different phases of completion in Portugal, Spain,
Italy, Germany, Greece, Romania and Brazil. In 2008 Sonae Sierra's
shopping centers welcomed more than 429 million visits.
Contact: Scott Schroeder Vice President of Marketing and
Corporate Communications Developers Diversified Realty
216.755.5500
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