Developers Diversified Completes $123M of Strategic Transactions in Q1

Developers Diversified Realty Corporation DDR today announced that it has acquired its partners' interests in two prime shopping centers valued at $80 million in the aggregate and disposed of $43 million of non-prime assets. The Company acquired its partners' 50% ownership interests in two prime shopping centers for $40 million. As a result of the transactions, the Company now owns 100% of the two prime shopping centers. The aggregate gross value of the two centers is $80 million. The Company sold six non-prime assets and three land parcels during the quarter for aggregate proceeds of approximately $43 million, of which the Company's share was $20 million. The non-prime assets sold averaged 79% leased and were predominantly located in tertiary markets with substandard demographics. An additional $73 million of non-prime or non-income producing assets are currently under contract for sale, of which the Company's share is $72 million.