Developers Diversified

(DDR)

, a real estate investment trust and Coventry Real Estate Advisors, investment manager acquired three value-add retail assets at an aggregated price of $226 million. The acquisitions have been made through a joint venture. Developers Diversified's joint venture co-investment with the Coventry Real Estate Fund II totals $41 million for the three buy-outs.

One of the acquisitions is Tri-County Mall, a 1.3 million square foot regional mall located in Cincinnati at about $192.4 million. The total investment for the Tri-County Mall redevelopment is expected to be about $220 million.

Second is Fairplain Plaza, a 325,000 square foot community center. This was acquired at a price of $26 million. The redevelopment of this property will entail an investment of about $35.8 million.

Watters Creek at Montgomery Farm, a 34-acre site, was acquired for $7.6 million. This property will require an investment of $88 million for redevelopment.

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