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NEW HYDE PARK, NY-PL Retail, a joint venture comprised of Kimco Realty Corp. and DRA Advisors, has completed its $1.2-billion acquisition of Price Legacy Corp.'s 7.7-million-sf retail portfolio. The transaction involves 33 neighborhood and community shopping centers across the nation with tenants such as Costco, Wal-Mart and Home Depot. The deal is the third DRA-Kimco venture.

Under the terms of the merger, holders of Price Legacy's common stock will receive $18.85 per share in cash plus a prorated common dividend from Oct. 1 through the closing of the merger. The total merger consideration to be received by holders of Price Legacy's common stock will equal $19.097 per share. "We firmly believe that this transaction is in the best interest of Price Legacy's stockholders and that it achieves our stated goal to maximize value for our stockholders," said Jack McGrory, chairman and CEO of the San Diego-based company Price Legacy, when the deal was first announced.

According to Kimco officials, this acquisition continues to build on the firm's operating platform and property management business. Kimco will manage the properties on behalf of the joint venture and earn property management fees and leasing commissions.