Kimco Realty Corp., based in Jericho, NY, and Houston-based Weingarten Realty Investors have agreed to merge, with Kimco continuing as the surviving publicly traded REIT. The combined company is expected to have an equity market capitalization of $12 billion and a total enterprise value of $20.5 billion.
The merger will create a national operating portfolio of 559 open-air grocery-anchored shopping centers and mixed-use assets totaling approximately 100 million square feet.
“This combination reflects our conviction in the grocery-anchored shopping center category, which has performed well throughout the pandemic and provides last mile locations that are more valuable than ever due to their hybrid role as both shopping destinations and omnichannel fulfillment epicenters,” said Kimco CEO Conor Flynn.
Weingarten CEO Andrew Alexander added, “After examining the deal from every angle, it became increasingly clear that the potential of the integrated business is much greater than the sum of its parts.”
Pictured: A Kimco property in Sugar Land, TX.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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