CLEVELAND, OH--(MARKET WIRE)--Nov 6, 2008 -- Developers Diversified (NYSE:DDR - News), the leading owner, manager and developer of market-dominant shopping centers in the U.S., announced that it has formed a $62 million joint venture with Cole Real Estate Investments, a leading real estate investment firm that focuses on the acquisition of high-quality, income producing commercial real estate, for the ownership of Independence Commons, a 386,066 square foot shopping center in Independence (Kansas City), MO.

The joint venture will be owned 85.5% by Cole Real Estate Investments and 14.5% by Developers Diversified. Pursuant to the terms of the joint venture agreement, Developers Diversified will receive leasing and property management fees.

Independence Commons was previously owned by Developers Diversified through its joint venture with Macquarie DDR Trust (MDT). MDT will receive proceeds of more than $20 million from the sale of the property, based on its 85.5% interest in the shopping center.

David Oakes, Developers Diversified's Executive Vice President of Finance and Chief Investment Officer, commented, "We are extremely pleased to be entering into this joint venture with Cole Real Estate Investments. They are a high-quality, well-capitalized investor with a long-term focus that aligns well with DDR's investment strategy, and we look forward to building a relationship that will create value for our new partner as well as our shareholders."

Developers Diversified owns and manages approximately 720 retail operating and development properties in 45 states, plus Puerto Rico and Brazil, totaling approximately 159 million square feet. The Company is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops and leases shopping centers. Additional information about Developers Diversified is available on the Internet at http://www.ddr.com.

Developers Diversified Realty Corporation considers portions of this information to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area; competition from other available space; dependence on rental income from real property; the loss or significant downsizing of a major tenant; constructing properties or expansions that produce a desired yield on investment; our ability to sell assets on commercially reasonable terms; our ability to secure equity or debt financing on commercially acceptable terms or at all, our ability to enter into definitive agreements with regard to our financing; joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements. For additional factors that could cause the results of the Company to differ materially from these indicated in the forward-looking statements, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2007. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

     Contact:
     Francine Glandt
     Vice President of Capital Markets
     Developers Diversified Realty
     Main:  (216) 755-5500
     E-mail:  Email Contact