Kite Completes Another Stage in MergerPosted: Updated:
Kite Realty Group Trust (NYSE: KRG) has wrapped up another step in its $2.1 billion merger with Inland Diversified Real Estate Trust Inc. in Illinois. The Indianapolis-based real estate investment trust has closed on the sale of eight properties valued at more than $150 million. December 17, 2014
INDIANAPOLIS, Ind. (December 17, 2014) - Kite Realty Group Trust (NYSE:KRG) (“Kite Realty”) announced today that it has closed on the first tranche of its previously announced 15-asset disposition. The first tranche closing included 8 retail properties for a gross sales price of approximately $151 million, or $74 million of net proceeds, with $4 million being held in escrow pending completion of a loan assumption.
On September 16, 2014, Kite Realty announced it had entered into a definitive agreement to sell 15 retail properties for an estimated sales price of $318 million to Inland Real Estate Income Trust, Inc. The second tranche of the sale is expected to close on or before March 16, 2015, subject to the satisfaction of customary closing conditions, and includes 7 retail properties for a gross sales price of approximately $167 million.
“The closing of the first tranche is consistent with our strategy of focusing on core geographic and demographic markets to further enhance the portfolio,” said John Kite, Chairman and Chief Executive Officer.
About Kite Realty Group Trust
Kite Realty Group Trust is a full-service, vertically integrated real estate investment trust engaged in the ownership, operation, management, leasing, acquisition, construction, redevelopment and development of neighborhood and community shopping centers in selected markets in the United States. As of September 30, 2014, the Company owned interests in a portfolio of 132 operating, development and redevelopment properties totaling approximately 26.7 million total square feet across 26 states. For more information, please visit the Company’s website at www.kiterealty.com.
Source: Kite Realty Group