Got some Developers Diversified Realty (NYSE:DDR) shares. A bit late. But as an old saying goes “better late than never”. Why I said “late”? Because the smart money already bought a boat load of this in Feb this year (Developers Diversified Enters Into Agreement to Sell 30 Million Shares to the Otto Family). Quote:
it (DDR) has entered into a binding purchase agreement with Mr. Alexander Otto for the sale to Mr. Otto and certain members of his family (“Otto Family”) of 30 million of the Company’s common shares and warrants entitling the Otto Family to purchase an additional 10 million of the Company’s common shares. When completed, the share purchase will increase the Otto Family’s ownership from 6 million shares to 36 million shares, which is in excess of 20% of the common shares outstanding, making the family the Company’s largest individual shareholder.
More background on Alexander Otto can be read here.
Otto has been CEO of ECE since 2000. The company is the European market leader in the field of inner-city shopping centers. In currently 111 shopping centers 11,700 retailers generate an annual turnover of 13.1 billion Euros on a total sales area of 3.4 million m². ECE is currently active in 15 Central and Eastern European countries and manages a project volume of 17 billion Euros.
To be continued…