The $7.5bn merger will create a top 5 open-air, grocery-anchored shopping centre REIT.
Kite Realty Group Trust, a premier owner and operator of high-quality open air, grocery-anchored shopping centres has completed the previously announced merger with Retail Properties of America, a first-class owner and operator of high-quality open-air and mixed-use shopping centres, whereby Retail Properties of America merged into a subsidiary of Kite Realty Group, with KRG continuing as the surviving public company.
The combined high-quality, open-air portfolio is a mixture of predominantly necessity-based, grocery-anchored neighbourhood and community centres, combined with vibrant mixed-use assets. The merger serves to more than double KRG’s presence in high-growth warmer and cheaper markets, while also introducing and enhancing KRG’s presence in strategic gateway markets.
“We are thrilled to announce the successful completion of the transformational merger with RPAI, creating a top 5 open-air shopping centre REIT” said John A. Kite, Chairman and CEO. “The resulting open-air portfolio has a productive mix of properties predominantly located in high-growth warmer and cheaper markets, while also increasing our presence in strategic gateway markets.”
