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Kimco, Atlantic Realty Merge

NEW HYDE PARK, NY-Kimco Realty Corp., based here, and Atlantic Realty Trust sign a definitive merger agreement. Kimco will acquire Atlantic Realty for approximately $82.5 million. Atlantic owns one retail property, the Hylan Plaza Shopping Center in Staten Island.

By Barbara Jarvie | Updated on December 01, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

NEW HYDE PARK, NY-Kimco Realty Corp. has signed a merger agreement to acquire Atlantic Realty Trust for $82.5 million. The New York City-based Atlantic is a Maryland REIT formed for the purpose of liquidating its interests in real properties, its mortgage loan portfolio and certain other assets and liabilities which were transferred from Ramco-Gershenson Properties Trust. It owns one retail property, the Hylan Plaza Shopping Center in Staten Island.

Under the terms of the agreement, Kimco will also acquire the amount of Atlantic Realty’s cash on hand at closing and certain agreed-upon lease expenses less merger expenses and other liabilities. On the last business day prior to closing Atlantic Realty will declare a dividend in an amount necessary for it to qualify as a REIT. The merger consideration will be paid in shares of Kimco common stock valued on the final full trading day before closing.

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