Indianapolis-based shopping center owner Kite Realty Group Trust has agreed to acquire Oak Brook, Ill.-based Inland Diversified Realty Trust. The transaction is a stock-for-stock deal with a value of about $1.2 billion.
The transaction is not official yet. It is, though, expected to close in the second or third quarter of this year.
With the purchase, Kite will boost its retail portfolio from 74 to 131 properties.
“Inland Diversified has assembled a very well located, high quality portfolio,” said Kite Realty chairman and chief executive officer John Kite, in a written statement. “The asset and tenant quality and strong demographic profile will be a great complement to our portfolio.”
