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Stock Market & Financial Investment News

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March 10, 2014
05:38 EDTDDRDDR Corp. accelerates asset sales, to sell Brazilian investment for $344M
DDR Corp. announced that it has signed a letter of intent to sell its 50% ownership interest in Sonae Sierra Brazil BV Sarl, a Luxembourg Company, to Alexander Otto and his affiliates for $343.6M. DDR's interest in SSB BV Sarl represents DDR's entire investment in Brazil. The gross proceeds of $343.6M consist of $283M from the negotiated price of R$26.00 per share of Sonae Sierra Brasil, a 67% premium to the closing price on the IBOVESPA as of March 7, and DDR's stake in Parque Dom Pedro, valued at $60.7M. The closing of the sale is expected to be completed in the next 30 days. The transaction is subject to negotiation of a definitive purchase and sale agreement and customary terms and conditions of closing. The proceeds from the sale are expected to be used for general corporate purposes, including for reinvestment in prime shopping center acquisitions and redevelopments in major U.S. markets.
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