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Bradley REIT CEO Thomas D'Arcy Sees Further Consolidation Ahead for REIT Sector

CHICAGO- Bradley Real Estate shareholders approve sale of shopping center REIT to privately held Heritage Property Investment Trust of Boston. D'Arcy sees possible IPO of combined companies down the road.

By Ted Jackson | Updated on August 31, 2000

Shareholders of Bradley Real Estate Inc. have approved a $1.2 billion merger between Bradley and privately held Heritage Property Investment Trust of Boston. Bradly CEO Thomas D’Arcy says he sees further consolidation ahead for the REIT sector.

“Size matters,” says D’Arcy. “There are clear advantages for REITs in getting larger in terms of access to capital, share liquidity and e-commerce expansion opportunities. It’s long been speculated that mergers would occur in the industry and it hasn’t quite happened as much as anticipated yet. But more consolidation will occur than it has in the past.”

Although D’Arcy will not be staying at the merged entity, which was essentially a sale of Bradley to Heritage, he did speculate on the possibility of Heritage doing a public offering of the merged companies. “I would guess that Heritage might do a public financing later on,” said D’Arcy.

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