SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Developers Diversified Realty Corporation
(Name of Issuer)
Common Stock, No Par Value
(Title of Class of Securities)
251591103
(CUSIP Number)
Cornelius J. Dwyer, Jr., Esq.
Shearman & Sterling
599 Lexington Avenue
New York, New York 10022
Telephone: (212) 848-4000
(Name, Address and Telephone Number
of Person Authorized to Receive Notices)
July 26, 2000
(Date of Event which requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of ss. 240.13d-1(e), ss. 240.13d-1(f) or ss. 240.13d-1(g),
check the following box [ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. Seess. 240.13d-7(b) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
SCHEDULE 13D
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1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Stichting Pensioenfonds ABP
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2 Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [ ]
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3 SEC Use Only
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4 Source of Funds (See Instructions) OO
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5 Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e). [ ]
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6 Citizenship or Place of Organization The Kingdom of the Netherlands
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7 Sole Voting Power
NUMBER OF 3,143,026 shares of Common Stock
SHARES ---------------------------------------------------
BENEFICIALLY 8 Shared Voting Power
OWNED BY 0
EACH ---------------------------------------------------
REPORTING 9 Sole Dispositive Power
PERSON 3,143,026 shares of Common Stock
WITH ---------------------------------------------------
10 Shared Dispositive Power
0
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11 Aggregate Amount Beneficially Owned by Each Reporting Person
3,143,026
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12 Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
[ ]
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13 Percent of Class Represented by Amount in Row (11) 5.1%
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14 Type of Reporting Person (See Instructions) EP
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<PAGE>
Item 1. Security and Issuer
The class of equity securities to which this statement relates is
the common stock, no par value (the "Common Stock") of Developers Diversified
Realty Corporation, a Delaware corporation (the "Issuer"). The principal
executive offices of the Issuer are located at 3300 Enterprise Parkway,
Beachwood, Ohio 44122.
Item 2. Identity and Background
The name of the person filing this statement is Stichting
Pensioenfonds ABP, an entity established under the laws of The Kingdom of the
Netherlands (the "Fund"), whose principal business is investing funds held on
behalf of public sector employees of The Kingdom of the Netherlands. The address
of the Fund's principal executive office is Oude Lindestraat 70, Postbus 2889,
6401 DL Heerlen, The Netherlands. The name, citizenship, business address and
present principal occupation or employment, as well as the name and address of
any corporation or other organization in which such occupation or employment is
conducted, of each of the directors and executive officers of the Fund are as
follows:
<TABLE>
<CAPTION>
PRINCIPAL BUSINESS
NAME OCCUPATION CITIZENSHIP ADDRESS
---- ---------- ----------- --------
<S> <C> <C> <C>
B. de Vries Independent Chairman of The Netherlands Oude Lindestraat
the Governing Board 70 6411 EJ
Heerlen
The Netherlands
P.M. Altenburg First Vice Chairman of the The Netherlands Oude Lindestraat
Governing Board 70 6411 EJ
Heerlen
The Netherlands
W. Drees Secretary of the Governing The Netherlands Oude Lindestraat
Board 70 6411 EJ
Heerlen
The Netherlands
J.W.E. Neervens Chairman of the Board of The Netherlands Oude Lindestraat
Directors 70 6411 EJ
Heerlen
The Netherlands
J.M.G. Frijns Member of the Board of The Netherlands Oude Lindestraat
Directors 70 6411 EJ
Heerlen
The Netherlands
J.F. Maassen Member of the Board of The Netherlands Oude Lindestraat
Directors 70 6411 EJ
Heerlen
The Netherlands
J.H.R. van de Poel Member of the Board of The Netherlands Oude Lindestraat
Directors 70 6411 EJ
Heerlen
The Netherlands
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL BUSINESS
NAME OCCUPATION CITIZENSHIP ADDRESS
---- ---------- ----------- --------
<S> <C> <C> <C>
J.M.G. Frijns Chief Investment Officer / The Netherlands Oude Lindestraat
Managing Director 70 6411 EJ
Heerlen
The Netherlands
A.H. Berendsen Managing Director The Netherlands Oude Lindestraat
70 6411 EJ
Heerlen
The Netherlands
J. Mensonides Managing Director The Netherlands Oude Lindestraat
70 6411 EJ
Heerlen
The Netherlands
</TABLE>
To the knowledge of the Fund, during the last five years, neither
the Fund nor any of its executive officers or directors has been (i) convicted
in any criminal proceeding (excluding traffic violations or similar
misdemeanors) or (ii) a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
is or was subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration
The funds for the purchases of Common Stock made by the Fund on
the open market were supplied from Dutch public sector pensioners' contributions
to the Fund.
Item 4. Purpose of Transaction
The Fund from time to time intends to review its investment in the
Issuer on the basis of various factors, including the Issuer's business,
financial condition, results of operations and prospects, general economic and
industry conditions, the securities markets in general and those for the
Issuer's securities in particular, as well as other developments and other
investment opportunities. Based on such review, the Fund will take such actions
in the future as the Fund may deem appropriate in light of the circumstances
existing from time to time. If the Fund believes that further investment in the
Issuer is attractive, whether because of the market price of the Issuer's
securities or otherwise, it may acquire additional securities of the Issuer
either in the open market or in privately negotiated transactions. Similarly,
depending on market and other factors, the Fund may determine to dispose of some
or all of the Common Stock currently owned by the Fund or otherwise acquired by
the Fund either in the open market or in privately negotiated transactions.
Except as set forth above, the Fund has not currently formulated
any definitive plans or proposals which relate to or would result in: (a) the
acquisition by any person of additional securities of the Issuer or the
disposition of securities of the Issuer, (b) an extraordinary corporate
transaction involving the Issuer or any of its subsidiaries, (c) a sale or
transfer of a material amount of the assets of the Issuer or any of its
subsidiaries, (d) any change in the present board of directors or management of
the Issuer, (e) any material change in the
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<PAGE>
Issuer's capitalization or dividend policy, (f) any other material change in the
Issuer's business or corporate structure, (g) any change in the Issuer's charter
or bylaws or other or instrument corresponding thereto or other action which may
impede the acquisition of control of the Issuer by any person, (h) causing a
class of the Issuer's securities to be deregistered or delisted, (i) a class of
equity securities of the Issuer becoming eligible for termination of
registration or (j) any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer
(a) The Fund is the sole beneficial owner of 3,143,026 shares of
Common Stock representing 5.1% of the outstanding shares of the Issuer's Common
Stock. The calculation of the foregoing percentage is based on the number of
shares of Common Stock disclosed as outstanding by the Issuer in its Quarterly
Report on Form 10-Q for the quarterly period ended March 31, 2000.
(b) The Fund has the sole power to vote or to direct the vote or
dispose or direct the disposition of 3,143,026 shares of Common Stock. To the
knowledge of the Fund, there are no shares of Common Stock which are
beneficially owned by any director or executive officer listed under Item 2.
(c) On May 25, 2000, the Fund sold 50,000 shares of Common Stock
at a price of $14.26. On June 21, 2000, the Fund purchased 95,000 shares of
Common Stock at a price of $15.38 per share. On June 22, 2000, the Fund
purchased 55,600 shares of Common Stock at a price of $15.39 per share. On June
23, 2000, the Fund purchased 3,800 shares of Common Stock at a price of $15.43
per share. On June 26, 2000, the Fund purchased 49,500 shares of Common Stock at
a price of $15.60 per share. On June 27, 2000, the Fund purchased 26,100 shares
of Common Stock at a price of $15.78 per share. On June 28, 2000, the Fund
purchased 15,000 shares of Common Stock at a price of $15.86 per share. On July
18, the Fund purchased 131,000 shares of Common Stock at a price of $16.13. On
July 19, the Fund purchased 108,700 shares of Common Stock at a price of $16.05.
On July 20, the Fund purchased 9,300 shares of Common Stock at a price of
$16.05. On July 21, the Fund purchased 51,000 shares of Common Stock at a price
of $16.05. On July 25, the Fund purchased 100,000 shares of Common Stock at a
price of $15.68. On July 26, the Fund purchased 175,000 shares of Common Stock
at a price of $15.94. All of the transactions were on the open market.
Except as disclosed herein, there have been no transactions by the
Fund in securities of the Issuer during the past sixty days.
(d) To the knowledge of the Fund, no other person has the right to
receive or the power to direct the receipt of dividends from, or the proceeds
from the sale of, the Common Stock purchased by the Fund.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understanding of Relationships with Respect to
Securities of the Issuer
Except as described herein, there are no contracts, arrangements,
understandings or relationships (legal or otherwise) among the persons named in
Item 2 and between such
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<PAGE>
persons and any person with respect to any securities of the Issuer, including
but not limited to transfer or voting of any of the securities, finder's fees,
joint ventures, loan or option arrangements, put or calls, guarantors of profit,
division of profit or loss or the giving or withholding of proxies.
Item 7. Material to be Filed as Exhibits
Not applicable.
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<PAGE>
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: August 15, 2000
STICHTING PENSIOENFONDS ABP
By: /s/ R.H. Maatman
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R.H. Maatman
Authorized Signatory
By: /s/ R.M.M.J. Bauer
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R.M.M.J. Bauer
Authorized Signatory
