RPAI: Kite Realty to acquire Retail Properties of America for nearly $3B

Kite Realty Group has agreed to pay $2.79 billion to add rival Retail Properties of America to its open-air shopping center portfolio, making the real estate investment trust the nation's fifth-largest and giving it cheaper access to capital for expansion. If shareholders approve the deal, Oak Brook, Illinois-based Retail Properties of America will become a subsidiary of Kite, based in Indianapolis, with 185 open-air centers and about 32 million square feet of leasable space. The The post Kite Realty to acquire Retail Properties of America for nearly $3B appeared first on The Real Deal New York.