San Diego, Kimco Realty Corp. and Pan Pacific Retail Properties announced that the two companies entered into a definitive merger agreement Monday. The agreement, which has been unanimously approved by both companies' boards of directors, will merge Pan Pacific's portfolio of 138 properties with Kimco's vast holdings.
According to Stuart Tanz, president and CEO of Pan Pacific, "We believe that this offer by the nation's largest publicly-traded owner of shopping centers is in the best interest of our stakeholders and represents an attractive price that fairly reflects the value of Pan Pacific."
Kimco expects to target a substantial number of the Pan Pacific properties for its strategic co-investment programs. Under the terms of the agreement, Kimco will acquire all of the outstanding shares