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Kimco Wraps Up Pan Pacific

NEW HYDE PARK, NY-The $4-billion deal, which gives Kimco Realty Trust 138 centers mostly on the West Coast, is set to close today.

By Ian Ritter | Updated on October 30, 2006

(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

NEW HYDE PARK, NY-Executives at Kimco Realty Trust say they expect to close their $4-billion acquisition of the 138-center Pan Pacific Retail Properties today. The closing of the transaction follows an announcement earlier in the month that Prudential Real Estate Investors will contribute $1.1 billion to the purchase of the San Diego-based REIT.

Meanwhile, Kimco is still looking at big-time portfolio buys. During their third-quarter conference call, vice chairman David Henry, acknowledged that Kimco had considered the acquisition of Inland Retail Real Estate, which Developers Diversified Realty is buying for $6.2 billion. “We took a very hard look at the Inland deal,” he says.

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