SOURCE: Developers Diversified Realty

April 16, 2009 08:59 ET

Developers Diversified and Joint Venture Partner Sonae Sierra Announce the Opening of Manauara Shopping, a New Enclosed Mall in Brazil

CLEVELAND, OH--(Marketwire - April 16, 2009) - 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, Dinâmica, Hitech Import, a 10-screen movie theater and a fitness center.

The center's dramatic architectural features include a two- and three-story glass façade 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, Açaí, Tucumã 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 Information

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