Developers Diversified and Coventry Real Estate Partners Announce Sale of Two West Coast Shopping Centers
CLEVELAND, Sep 18, 2003 /PRNewswire-FirstCall via COMTEX/ -- Developers Diversified Realty (NYSE: DDR) and Coventry Real Estate Partners ("Coventry") announced the sale of two west coast shopping centers under two separate transactions. Both properties were acquired from Burnham Pacific Properties in 2001 and were held in a joint venture under the Retail Value Investment Program ("RVIP"), a joint venture among Developers Diversified, Coventry and Prudential Real Estate Investors ("PREI"). The Cameron Park shopping center, a 103,000 square foot property located in suburban Sacramento, California and anchored by Safeway, sold for approximately $19.3 million to Westwood Financial Corp. The La Mancha shopping center, a 109,000 square foot property located in Fullerton, California and anchored by Ralph's Grocery Store, sold for approximately $15.0 million to a private investor.
Developers Diversified currently owns and manages nearly 400 operating and development retail properties in 44 states totaling over 83 million square feet of retail real estate. Developers Diversified is a self-administered and managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops and manages shopping centers. Additional information about Developers Diversified is available on the Internet at http://www.ddr.com . Coventry serves as the general partner of RVIP. On behalf of RVIP, Coventry has managed the investment of approximately $850 million in value- added retail real estate across the country since 1998.
PREI is comprised of a group of specialized operating units that provides global real estate investment management services to institutional clients in the U.S., Europe, Asia and Latin America. PREI managed total assets of approximately $21.6 billion on behalf of 440 institutional clients as of June 30, 2003; net assets under management (i.e., after deduction of associated debt and liabilities) were $15.2 billion. For more information, visit PREI's website: www.prudential.com/prei.
Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933 and Section 21 E of the Securities Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area, competition from other available space, dependence on rental income from real property or the loss of a major tenant. For more details on the risk factors, please refer to the Company's Form 10-K as of December 31, 2002.
SOURCE Developers Diversified Realty Corporation