Developers Diversified Realty Corporation and Biskind controlled retail entities join forces.
Developers Diversified Realty Corporation contributed approximately $38 million to the limited partnership and will initially be allocated 95% of the profits and losses of the partnership subject to a priority cash flow return to the limited partners. Developers Diversified will manage the property on behalf of the partnership. Scott A. Wolstein, President and CEO of Developers Diversified Realty Corporation, explained, "This transaction creates a substantial equity interest for our Company in an extraordinary strategic asset with enormous upside potential, we are excited by the opportunities that it presents."
Mr. Biskind added that, "The newly formed limited partnership, DDRC Great Northern Limited Partnership will have the opportunity to update the tenant mix and the center itself. Developers Diversified brings important capital resources and retail relationships to the partnership. This is a strategic retail location and Developers Diversified has the means of maximizing its potential. This relationship will be good for the shopping center, including its tenants and customers."
Developers Diversified Realty Corporation is a self-administered and self-managed real estate investment trust that develops, owns, leases and manages shopping centers and business centers, including centers owned jointly with others.
CONTACT: Developers Diversified Realty Corporation, Cleveland
Scott A. Wolstein, 216/247-4700
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|Date:||Feb 24, 1997|
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