Developers Diversified draws investment

1133money.gifDevelopers Diversified, an Ohio-based REIT, has drawn a proposed $112.5 million investment from the German Otto family. The Otto family owns German development firm ECE Projektmanagement, and several North American companies and developments.

The ICSC has more about this story:

“The Ottos have agreed to buy 30 million shares and reserve the right to buy 10 million more. The shares will be purchased in two tranches at a price of $3.50 per share for the first 15 million shares at the first closing and $4.00 per share for the second 15 million shares at the second closing. The share prices represent a premium of approximately 33 percent and 52 percent, respectively, to the closing market price of the company’s shares on Friday, Feb. 20, 2009…”

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