BEACHWOOD, Ohio, Dec. 18, 2012 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today confirmed plans to sell 22 acres of land to IKEA Property, Inc. for the construction of their first store in Kansas, located in the town of Merriam, approximately eight miles southwest of Kansas City.
In a press release issued earlier today, IKEA confirmed that the City Council of Merriam has unanimously approved plans for this project, following last month's approval from the City's Planning Commission.
Construction of the new 349,000-square-foot IKEA is set to begin the summer of 2013, with a targeted opening in the fall of 2014. The new store will dramatically expand the market share of DDR's existing prime asset, Merriam Town Center, complimenting the current lineup of value-oriented retailers such as Home Depot, Dick's Sporting Goods, Cinemark, Marshalls, PetSmart, Old Navy, Party City and Five Below.
"The addition of IKEA not only solidifies Merriam Town Center as the premier regional power center in the Kansas City market, but furthers our effort to effectively monetize our land bank," said Paul Freddo, senior executive vice president of leasing & development for DDR. "IKEA's global brand recognition expands Merriam Town Center's trade area to over 2 million shoppers, while enhancing the value of the remaining 10 acres of land where we expect to finalize negotiations with a variety of nationally recognized tenants."
IKEA Merriam will offer a total of 1,200 on-site parking spaces, and include the same unique architectural design and in-store concepts for which IKEA centers are known worldwide. The new store will be DDR's third IKEA-anchored power center, following those at the Company's Belgate Shopping Center in Charlotte, NC, and Centennial Promenade in Denver, CO. Learn more about IKEA at www.ikea.com/us/en/.
About DDR DDR is an owner and manager of 459 value-oriented shopping centers representing 116 million square feet in 39 states, Puerto Rico and Brazil. The company's assets are concentrated in high barrier-to-entry markets with stable populations and high growth potential and its portfolio is actively managed to create long-term shareholder value. DDR is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol DDR. Additional information about the company is available at www.ddr.com.
Safe Harbor DDR considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange 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 our results 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; the loss of, significant downsizing of or bankruptcy of a major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements; and the success of our capital recycling strategy. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's Form 10-K for the year ended December 31, 2011, as amended. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
SOURCE DDR Corp.