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Inland Makes $318M Retail Buy

OAK BROOK, IL—Kite Realty, the seller, says it is changing its geographic focus away from non-core markets.

By Brian J. Rogal | Updated on September 16, 2014

OAK BROOK, IL—Inland Real Estate Income Trust, Inc. has just signed an agreement to purchase a 15-property portfolio of retail centers located across eight states, totaling approximately two-million-square-feet, from Kite Realty Group Trust. At an estimated purchase price of $318 million, it will be the largest portfolio purchase that Inland Income Trust has made. Company officials expect the transaction to close in two tranches on or before December 15, 2014 and March 16, 2015, respectively.

Although the deal comes on the heels of a $2.1 billion merger between Kite Realty and Inland Diversified Real Estate Trust, Inc., it was not part of those negotiations, an Inland spokesperson told GlobeSt.com.

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