Kite Realty Group Trust announces strategic merge deal with RPAI


Indianapolis-based Kite Realty Group Trust announced Monday that it plans to merge with Oak Brook, Illinois, real estate investment trust Retail Properties of America Inc.

According to a news release, the two companies have entered into a definitive merger agreement under which RPAI would merge into a subsidiary of Kite Realty Group, with Kite continuing as the surviving public company. Oak Brook is in suburban Chicago. 

The combined company is expected to have an estimated value of $7.5 billion after the merger and is projected to be the fifth largest open-air shopping center REIT by enterprise value in the U.S.

“This merger marks a momentous day for KRG and our shareholders,‚Ä̬†John A. Kite, chairman and CEO of Kite Realty Group, said in a news release. ‚ÄúThe combination of our firms brings together two high-quality, complementary portfolios. The combined company will have durable cash flows, operational upside and external value creation…

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