DDR sells minority stake to Otto family for $112.5 million
Client(s) Developers Diversified Realty Corporation
Jones Day advised Developers Diversified Realty Corporation in its $112.5 million sale of a minority stake to Mr. Alexander Otto and certain members of his family. Alexander Otto and other members of his family are the owners of ECE Projektmanagement of Germany, Europe's leading firm in developing and managing inner-city shopping centers. ECE manages 111 malls with a total sales area of approximately 37 million square feet and is active in 15 Central and Eastern European countries. In addition, Alexander Otto is the largest shareholder of the German MDAX listed company Deutsche EuroShop AG, which owns 16 shopping centers in Central Europe with an asset value of over $2.0 billion and market capitalization of over $900 million.