DDR Exits Brazilian Mall Portfolio In $344M Deal

Law360, New York (March 10, 2014, 12:58 PM EDT) -- DDR Corp.'s largest single shareholder will grab the shopping mall owner and operator's stake in a Brazil-based mall portfolio for nearly $344 million, allowing DDR to focus on U.S.-based acquisitions and renovations, according to a Monday statement.

Under the terms of the transaction, DDR will sell its 50 percent ownership interest in Sonae Sierra Brazil BV SARL for $283 million, or 26 reais ($11.23) per share, as well as its stake in the Brazilian mall Parque Dom Pedro for $60.7 million, to shareholder Alexander Otto and...
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