The Biggest Gets Bigger
The largest U.S. owner of community shopping centers, Hyde Park, New York-based Kimco Realty Corp., is getting even bigger with the agreed $4 billion purchase of Pan Pacific Retail Properties. Pan Pacific owns 138 retail properties, about 22.6 million square feet, in California, Washington, Oregon and Nevada. Kimco already owns 1,117 properties.
The deal is $70/share in cash and stock ($2.9 billion) plus the assumption of $1.1 billion in debt by Kimco. This brings announced REIT acquisitions for 2006 to $44 billion, more than doubling last years pace.
Kimco Realty to acquire Pan Pacific Retail
Kimco to Acquire Pan Pacific Retail for $2.9 Billion
Kimco Realty Inks $4Bln Merger Deal With Pan Pacific Retail
Kimco paying $4B for Pan Pacific
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