Kite Realty to buy Retail Properties of America at Rs $2.8 billion

20 Jul 2021 CW Team

Retail Properties of America Inc will merge into a subsidiary, Kite Realty, and will continue as the surviving company, following the closure of the deal in the fourth quarter (Q4) of FY21.

On Monday, Kite Realty Group Trust told the media that it would buy Retail Properties of America for nearly $2.8 billion to build one of the top five shopping centres real estate investment trusts in the US.

The stocks of Retail Properties' will be converted into 0.6230 newly formed Kite Realty shares in an all-stock deal, with an offer price of $12.98 per share, imposing a premium of $13 as the closing price to Retail Properties' on Friday.

Kite Realty said that it is expected that the combined companies would have a market capitalisation of about $4.6 billion and a total enterprise value of $7.5 billion.

The merger will make an operating portfolio of 185 open-air shopping centers consisting of around 32 million sq ft owned gross leasable area. These properties are primarily located in warmer and cheaper metro markets in the US with 70% of centers by annualised base rent (ABR) with a grocery component. The combined company is expected to benefit from boosted scale and density in strategic markets, deeper tenant relationships given the broader mix of open-air retail types, an appropriately sized development pipeline and a solid balance sheet.

Image Source

Equipment

12 Dec 2025

Schwing Stetter India Unveils New Innovations at Excon 2025

Schwing Stetter India unveiled more than 20 new machines at Excon 2025, marking one of its most significant showcases and introducing several India-first technologies to the construction equipment sector. The company launched the country’s first 56-metre boom pump designed and manufactured in India, the first fully electric truck mixer, the first CNG mixer variant and the first hybrid boom pump. Executives said the launch portfolio was engineered to support India’s move toward faster, greener and more vertically oriented infrastructure through advanced engineering, clean-energy solutions a..

SEPC Resolves Hindustan Copper Dispute, Wins Rs 725 Mn Order

Engineering, procurement and construction firm SEPC Ltd has recently settled a dispute with Hindustan Copper Ltd (HCL) and secured a mining infrastructure order valued at Rs 725 million from the state-owned company. SEPC informed the stock exchanges that it has executed a settlement deed with HCL, bringing closure to all inter-se claims and counterclaims arising from arbitration proceedings. As part of the settlement, SEPC will receive Rs 304.5 million as full and final payment, marking the resolution of all pending disputes between the two entities. The company also stated that Hindustan Co..

20% Ethanol Blending Cuts India’s CO2 Emissions by 73.6 Mn Tonnes

Union Road Transport and Highways Minister Nitin Gadkari recently said that India has reduced carbon dioxide emissions by 73.6 million metric tonnes due to the adoption of 20 per cent ethanol blending in petrol. He made the statement while replying to supplementary questions during the Question Hour in the Lok Sabha. Describing ethanol as a green fuel, the minister said it plays a key role in reducing pollution while also supporting higher incomes for farmers. He underlined that ethanol blending contributes both to environmental sustainability and rural economic growth. Nitin Gadkari also po..