SOURCE: Developers Diversified

July 17, 2008 10:18 ET

Developers Diversified Announces New SVP of Development

CLEVELAND, OH--(Marketwire - July 17, 2008) - Developers Diversified Realty (NYSE: DDR), a Cleveland-based real estate investment trust (REIT) actively engaged in the development and management of shopping centers, today announced the appointment of Paul Freddo to senior vice president of development - western region.

The appointment of Mr. Freddo fills a key strategic role within the company's nearly 80-person development department. He will oversee development activities for the company's portfolio of shopping center developments west of the Mississippi. In addition, he will be active in the day-to-day relationship management and future expansion plans of several of the company's largest tenants. Mr. Freddo will be based in Dallas.

Prior to joining Developers Diversified, Mr. Freddo served as vice president and director of real estate for JCPenney. He holds a bachelor's degree in business administration from Adelphi University. His professional and civic activities include being a trustee for the International Council of Shopping Centers, a trustee for the Plano Economic Development Board, and serving on the board of directors for The Network.

Tim Bruce, Developers Diversified's executive vice president of development, commented, "We have respected Mr. Freddo for many years during his tenure at JCPenney and are delighted to bring him on board. His knowledge and understanding of the shopping center industry and the development process will enhance our ability to maximize the value of our new development projects."

Daniel B. Hurwitz, president and COO of Developers Diversified, added, "We are very pleased to announce Mr. Freddo's appointment. This addition to our company is evidence of our continued commitment to attracting outstanding talent as we build for the future."

Developers Diversified owns and manages approximately 740 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Canada and Russia totaling over 163 million square feet. The Company is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops and leases shopping centers. Additional information about Developers Diversified is available on the Internet at http://www.ddr.com.

Contact Information

  • Contact:
    Scott Schroeder
    Vice President of Marketing and Corporate Communications
    Developers Diversified Realty
    216.755.5500