Kimco to Acquire Pan Pacific
07/10/2006
Kimco Realty Corp. (Profile), a real estate investment trust focused on shopping centers, on Monday said it plans to acquire Pan Pacific Retail Properties Inc. (Profile) for $2.9 billion in cash and stock.
San Diego-based Pan Pacific holds a portfolio of 138 retail properties totaling roughly 22.6 million square feet.Kimco
Kimco shares rose 51 cents to $37.38 in morning trading on the New York Stock Exchange, while Pan Pacific Retail fell 59 cents to $69.41.
Together with a separate deal announced this weekend in which an Australian and U.S. joint venture agreed to acquire Heritage Property Investment Trust there has been more than $7 billion in REIT deals the past few days.
robin welter said,
July 10, 2006 @ 12:39 pm
any news about what will happen to the employees of pan pacific? what is their future? are things going to remain status quo or are layoffs in the future?
Editor said,
July 11, 2006 @ 11:05 am
No news here, but I will be watching for anything else to report about this story.