DDR JV opens $112M mall in Brazil

Cleveland-based Developers Diversified Realty has announced the opening of Manauara Shopping Center, a 500,000-sq.-ft. enclosed mall in Manaus, Brazil.

Located on the Amazon River, Manaus boasts a population of 1.7 million people. Developers Diversified owns 47.5% of the $112 million shopping center through an ownership interest in Sonae Sierra Brasil, the developer, owner and manager of the property. Manauara is the first ground-up development by the partnership, which owns and manages nine additional centers in Brazil.