Kimco Realty closes $2bn RPT Realty acquisition – Beragampengetahuan

Kimco Realty has completed its previously announced $2 billion acquisition of RPT Realty.

The REIT added 56 shopping centres, of which 43 are wholly owned, with 13.3 million square feet of gross lettable area to its existing portfolio of 527 properties.

“We are pleased to announce the successful completion of our acquisition of RPT, which will enable us to drive long-term growth and value creation for our shareholders in a leverage-neutral manner through embedded growth opportunities and economies of scale advantages,” stated Conor Flynn, Chief Executive Officer of Kimco.

The company said the all-stock transaction, including the assumption of debt and preferred stock, results in a number of benefits including earnings accretion stemming from initial cost savings synergies of approximately $34 million, of which approximately 85% is expected to be realized in 2024. ”Additional benefits include increased scale in high-growth target markets, expanded partnership opportunities, and preservation of balance sheet strength.”

Click here to receive beragampengetahuan’s weekly newsletter, news alerts and insights!