{"id":1004095547,"date":"2014-04-29T06:28:38","date_gmt":"2014-04-29T14:28:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004095547"},"modified":"2022-12-04T23:27:13","modified_gmt":"2022-12-05T07:27:13","slug":"ddr-sells-brazilian-retail-investment-for-344m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ddr-sells-brazilian-retail-investment-for-344m\/","title":{"rendered":"DDR Sells Brazilian Retail Investment for $344M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

DDR Corp. has sold its 50 percent ownership interest in Sonae Sierra Brazil BV Sarl, a Brazilian retail center, to German investor Alexander Otto for $344 million.<\/p>\n

Sonae Sierra Brasil\u2019s portfolio consists of 10 regional malls totaling 4.6 million square feet. DDR purchased 50 percent of the property as part of a joint venture in 2006 for $147.6 million, with an additional $52.6 million funded over the next three years.<\/p>\n

By selling the asset, DDR has now exited Brazil completely. As a result of the sale, DDR\u2019s pro rata share of NOI from consolidated assets will increase from 89 percent to 93 percent.<\/p>\n

\u201cAfter receiving interest and entering discussions with several strategic buyers, we believed that this transaction was in the best interest of both Sonae Sierra Brasil and DDR,\u201d Daniel Hurwitz, DDR\u2019s CEO, said in a company statement. \u201cOur decision to exit Brazil at the negotiated price is consistent with our intense focus on capital allocation and our strategy to create value for shareholders by reducing our risk profile, simplifying our structure, and generating outsized investment returns as we remain focused on investing in high-quality domestic power centers.\u201d<\/p>\n

DDR is an owner and manager of 396 value-oriented shopping centers representing 108 million square feet in 39 states and Puerto Rico, with its assets concentrated in high barrier-to-entry markets with stable populations and high growth potential.<\/p>\n

According to David Oakes, DDR\u2019s president & chief financial officer, the proceeds from the sale are expected to be used for general corporate purposes, including for reinvestment in prime shopping center acquisitions and redevelopments in major U.S. markets.<\/p>\n

\u201cBy 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,\u201d Oakes said in the release. \u201cIn addition to the sale of our Brazilian investment, current market conditions in the U.S. have presented us with the opportunity to double our original disposition guidance from $200 million to $400 million, exclusive of Brazil.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

DDR Corp. has sold its 50 percent ownership interest in Sonae Sierra Brazil BV Sarl, a Brazilian retail center, to German investor Alexander Otto for $344 million.<\/p>\n","protected":false},"author":451,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21783,21742,21749],"tags":[],"class_list":["post-1004095547","post","type-post","status-publish","format-standard","hentry","category-international","category-investment","category-latest","category-retail"],"acf":[],"yoast_head":"\nDDR Sells Brazilian Retail Investment for $344M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ddr-sells-brazilian-retail-investment-for-344m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DDR Sells Brazilian Retail Investment for $344M\" \/>\n<meta property=\"og:description\" content=\"DDR Corp. has sold its 50 percent ownership interest in Sonae Sierra Brazil BV Sarl, a Brazilian retail center, to German investor Alexander Otto for $344 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ddr-sells-brazilian-retail-investment-for-344m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-04-29T14:28:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T07:27:13+00:00\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ddr-sells-brazilian-retail-investment-for-344m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ddr-sells-brazilian-retail-investment-for-344m\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"DDR Sells Brazilian Retail Investment for $344M\",\"datePublished\":\"2014-04-29T14:28:38+00:00\",\"dateModified\":\"2022-12-05T07:27:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ddr-sells-brazilian-retail-investment-for-344m\\\/\"},\"wordCount\":338,\"commentCount\":0,\"articleSection\":[\"International\",\"Investment\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ddr-sells-brazilian-retail-investment-for-344m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ddr-sells-brazilian-retail-investment-for-344m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ddr-sells-brazilian-retail-investment-for-344m\\\/\",\"name\":\"DDR Sells Brazilian Retail Investment for $344M - 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