Kimco Realty Acquires RPT Realty in $2 Billion Stock Deal
New York-based real estate investment trust RPT Realty, formerly known as Ramco-Gershenson Properties Trust, has been acquired by competitor Kimco Realty in a $2 billion all-stock deal. The acquisition is expected to boost Kimco's earnings, expand its presence in Sun Belt and coastal markets, and provide access to RPT's existing joint venture partners. RPT Realty's portfolio includes eight power centers in Michigan, totaling approximately 1.79 million square feet. The deal is yet to close, and Kimco plans to sell off a limited group of Midwest properties over time.
