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By
Reuters
Published
Jul 20, 2021
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Kite Realty, Retail Properties to merge in $7.5 bln US retail deal

By
Reuters
Published
Jul 20, 2021

Kite Realty Group Trust said on Monday it will buy rival Retail Properties of America Inc for about $2.8 billion to create one of the top five shopping center real estate investment trusts in the United States.


Photo: Shutterstock - Photo: Shutterstock



Retail Properties' stock will be converted into 0.6230 newly issued Kite Realty shares in an all-stock deal, representing an offer price of $12.98 per share and implying a premium of about 13% to Retail Properties' closing price on Friday.

The combined company is expected to have a market capitalization of about $4.6 billion and a total enterprise value of about $7.5 billion, Kite Realty said.

It also said the combination will create a portfolio of 185 open-air shopping centers comprising about 32 million square feet of gross leasable area.

Retail Properties would merge into a subsidiary of Kite Realty, with the latter continuing as the surviving company, following the close of the deal in the fourth quarter of 2021.

 

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