Kimco Realty Corp. to acquire Pan Pacific Retail Properties Inc.

Kimco Realty Corp. to acquire Pan Pacific Retail Properties Inc.

Kimco Realty Corp. is the leaders in purchasing, developing and operating shopping centers anchored by supermarkets and they have now announced their decision to acquire Pan Pacific Retail Properties Inc.

The deal is worth around $2.9 billion and it would help Kimco to boost its presence in the Western United States markets.

Interestingly, this deal comes just a day after Australia’s Centro Properties Group announced their decision to acquire Heritage Property Investment Trust Inc. for an astounding $1.83 billion. These deals are just continuing the acquisition activity in the U.S. real estate investment trust sector.

Pan Pacific has around 138 properties in their portfolio that comes to around 22.6 million square feet and the acquisition would boost Kimco’s presence in California, Arizona Colorado, Washington, Utah and Nevada.

The deal would however require the approval of Pan Pacific shareholders and is expected to be complete in the fourth quarter of the current year.