BEACHWOOD, Ohio, Aug. 11 /PRNewswire-FirstCall/ -- Developers
Diversified Realty Corporation (NYSE: DDR) today announced the
completion of ten leases with KB Importadora and EGO Vanity Shoes
for their first locations in Puerto
Rico at five of the company's shopping centers.
KB Importadora is a jewelry and accessory store for women and
EGO Vanity Shoes sell men's and women's shoes. Both retailers are
based in the Dominican Republic,
and both retailers have selected five Developers Diversified
shopping centers to open their first locations in Puerto Rico.
"We are very excited about our first new stores outside the
Dominican Republic," said
Bernardo Sureda, chief executive
officer of KB Importadora. "Puerto
Rico is the next logical step for our expansions and the
scope of Developers Diversified's presence on the island helps us
accomplish our expansion plans."
"We are extremely pleased to partner with Developers Diversified
and we look forward to growing our brand in the Caribbean," said Kelvyn L. Nunez, chief executive officer of EGO
Vanity Shoes.
KB Importadora and EGO Vanity Shoes each intend to open their
initial five locations late this year and early 2011 at Plaza del
Norte in Hatillo, Plaza Fajardo in Fajardo, Plaza Rio Hondo and
Plaza del Sol in Bayamon and Plaza Isabela in Isabela.
"We are very flattered that retailers continue to choose our
properties as an entry point to Puerto
Rico," said Paul Freddo,
senior executive vice president of leasing and development at
Developers Diversified. "These retailer driven decisions continue
to validate the quality and scope of our portfolio and
effectiveness of our platform."
Developers Diversified owns and manages 15 shopping centers in
Puerto Rico totaling five million
square feet, and together these centers are nearly 97 percent
leased: Camino Real, Senorial Plaza,
Plaza Cayey, Plaza del Atlantico, Plaza del Norte, Plaza del Oeste,
Plaza del Sol, Plaza Escorial, Plaza Fajardo, Plaza Isabela, Plaza
Palma Real, Plaza Rio Hondo, Plaza Vega Baja, Plaza Wal-Mart and
Rexville Plaza.
About Developers Diversified Realty
Developers Diversified owns and manages approximately 620 retail
operating and development properties in 42 states, Brazil, Canada and Puerto
Rico. Totaling more than 137 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
Copyright . 11 PR Newswire