KB Importadora and EGO Vanity Shoes to Open First Stores in Puerto Rico at Five Developers Diversified Realty Shopping Centers

BEACHWOOD, Ohio, Aug. 11 /PRNewswire-FirstCall/ -- Developers Diversified Realty Corporation (NYSE: DDR) today announced the completion of ten leases with KB Importadora and EGO Vanity Shoes for their first locations in Puerto Rico at five of the company's shopping centers.

KB Importadora is a jewelry and accessory store for women and EGO Vanity Shoes sell men's and women's shoes. Both retailers are based in the Dominican Republic, and both retailers have selected five Developers Diversified shopping centers to open their first locations in Puerto Rico.

"We are very excited about our first new stores outside the Dominican Republic," said Bernardo Sureda, chief executive officer of KB Importadora. "Puerto Rico is the next logical step for our expansions and the scope of Developers Diversified's presence on the island helps us accomplish our expansion plans."

"We are extremely pleased to partner with Developers Diversified and we look forward to growing our brand in the Caribbean," said Kelvyn L. Nunez, chief executive officer of EGO Vanity Shoes.

KB Importadora and EGO Vanity Shoes each intend to open their initial five locations late this year and early 2011 at Plaza del Norte in Hatillo, Plaza Fajardo in Fajardo, Plaza Rio Hondo and Plaza del Sol in Bayamon and Plaza Isabela in Isabela.

"We are very flattered that retailers continue to choose our properties as an entry point to Puerto Rico," said Paul Freddo, senior executive vice president of leasing and development at Developers Diversified. "These retailer driven decisions continue to validate the quality and scope of our portfolio and effectiveness of our platform."

Developers Diversified owns and manages 15 shopping centers in Puerto Rico totaling five million square feet, and together these centers are nearly 97 percent leased: Camino Real, Senorial Plaza, Plaza Cayey, Plaza del Atlantico, Plaza del Norte, Plaza del Oeste, Plaza del Sol, Plaza Escorial, Plaza Fajardo, Plaza Isabela, Plaza Palma Real, Plaza Rio Hondo, Plaza Vega Baja, Plaza Wal-Mart and Rexville Plaza.

About Developers Diversified Realty

Developers Diversified owns and manages approximately 620 retail operating and development properties in 42 states, Brazil, Canada and Puerto Rico. Totaling more than 137 million square feet, the Company's shopping center portfolio features open-air, value-oriented neighborhood and community centers, mixed-use centers and lifestyle centers located in prime markets with stable populations and high-growth potential. Developers Diversified is the largest landlord in Puerto Rico and owns a premier portfolio of regional malls in and around Sao Paulo, Brazil. Developers Diversified is a self-administered and self-managed REIT operating as a fully integrated real estate company. Additional information about the Company is available on the Company's website at www.ddr.com.

SOURCE Developers Diversified Realty Corporation