Beachwood, Ohio – Investments consist of 50 percent of Sonae Sierra Brasil ($283 million) and a stake in Parque Dom Pedro worth $60 million.
Beachwood, Ohio – DDR Corp. will soon sell off its investments of $343.6 million in Brazil to Germany’s Alexander Otto and affiliates. The company’s 50 percent ownership interest in Sonae Sierra Brazil BV Sari and a stake in Parque Dom Pedro represent its entire investment in the South American country. DDR’s Brazilian portfolio at present consists of 10 regional malls comprised of 4.6 million square feet. “By exiting our investment in Brazil, we reinforce our commitment to lowering sovereign, currency, and development risk in a transaction with little friction and with strategic merit for all parties,” DDR President and CFO David Oakes says. The closing of the sale is expected to be completed in the next 30 days.
— Scott Reid