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Developers Diversified Realty: Developers Diversified Realty Promotes Paul W. Freddo and David J. Oakes

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^{Published in Business and Finance on Monday, January 5th 2009 at 7:08 GMT, Last Modified on 2009-01-05 07:08:55 by Market Wire}  

CLEVELAND, OH--(Marketwire - January 5, 2009) - Developers Diversified Realty (NYSE: [ DDR ]), a Cleveland-based real estate investment trust (REIT) actively engaged in the development and management of shopping centers, today announced two internal promotions: Paul W. Freddo to senior executive vice president of leasing and development, and David J. Oakes to senior executive vice president of finance and chief investment officer.

"Paul and David are valued members of our company's leadership team," said Daniel B. Hurwitz, president and chief operating officer of Developers Diversified. "In their new capacities they will ensure we structure the key components of our organization for strength and stability in challenging and prosperous times."

Mr. Freddo joined Developers Diversified as senior vice president of development-western region in August 2008. In his new role, he will oversee the leasing, development, development leasing, peripheral development and anchor store redevelopment departments within the company. In addition, Mr. Freddo will serve on the company's executive, investment, operating, and internal compensation committees.

Prior to joining Developers Diversified, Mr. Freddo served as vice president and director of real estate for JCPenney.

Mr. Oakes joined Developers Diversified Realty as executive vice president of finance and chief investment officer in April 2007. He oversees the company's capital markets, public finance, funds management, acquisitions and dispositions, investor relations and investment initiatives. He also serves on the company's executive and compensation committees, and chairs the investment and operating committees.

Prior to joining Developers Diversified Realty, Mr. Oakes served as senior vice president and portfolio manager at Cohen & Steers Capital Management, where he oversaw the firm's global and international real estate securities portfolios for the oldest and largest dedicated real estate securities fund manager. Previously he worked as a research analyst in global investment research at Goldman Sachs, where he covered U.S. REITs.

Developers Diversified Realty currently owns and manages approximately 720 retail operating and development properties in 45 states, plus Puerto Rico, Brazil, Russia and Canada, totaling approximately 159 million square feet. Developers Diversified is a self-administered and self-managed REIT operating as a fully integrated real estate company that acquires, develops, leases and manages shopping centers. Additional information about the company is available on the Internet at [ www.ddr.com ].