BEACHWOOD, Ohio, Nov. 11, 2010 /PRNewswire-FirstCall/ --
Developers Diversified Realty Corporation (NYSE: DDR) today
announced that the company's joint venture in Brazil, Sonae Sierra
Brasil, has opened a nearly 60,000 square-foot expansion at
Parque Dom Pedro Shopping, now a 1.3 million square-foot enclosed
mall in Campinas, Brazil.
Sonae Sierra Brasil is a fully
integrated owner, manager and developer of shopping centers in
Brazil, and is a joint venture
between Developers Diversified and Sonae
Sierra, headquartered in Portugal. Sonae Sierra
Brasil owns and manages 10 shopping centers in Brazil, totaling 3.9 million square feet.
The Parque Dom Pedro expansion opened fully-leased and features
local, national and international retailers including Nike and
Adidas, among many others. The center currently features over 400
retailers and restaurants including Walmart, Zara, FNAC, C&A,
Renner, Riachuelo, Etna, Centauro,
Telha Norte, and many others.
"Developers Diversified's operations in Brazil continue to perform exceptionally
well," commented Richard Brown,
executive vice president of international for Developers
Diversified. "This expansion is expected to provide an attractive
return on our invested capital, and solidifies Parque Dom Pedro as
the dominant shopping center in the Campinas market."
About Developers Diversified Realty
Developers Diversified owns and manages approximately 590 retail
operating and development properties in 41 states, Brazil, Canada and Puerto
Rico. Totaling more than 134 million square feet, the
Company's shopping center portfolio features open-air,
value-oriented neighborhood and community centers, mixed-use
centers and lifestyle centers located in prime markets with stable
populations and high-growth potential. Developers Diversified is
the largest landlord in Puerto
Rico and owns a premier portfolio of regional malls in and
around Sao Paulo, Brazil.
Developers Diversified is a self-administered and self-managed REIT
operating as a fully integrated real estate company. Additional
information about the Company is available on the Company's website
at www.ddr.com.
SOURCE Developers Diversified Realty Corporation