REAL ESTATE

Developer: Albertsons-Rite Aid deal is good for future of retail

BY Al Urbanski

Kimco Realty Corp., which holds an ownership stake in Albertsons, is of the opinion that the grocer’s merger with Rite Aid is a positive one for brick-and-mortar retail.

Albertson’s agreement to acquire all outstanding shares of the pharmacy chain “will result in a stronger, more diversified company that combines health, wellness, and convenience to deliver an enhanced customer experience, demonstrating what we believe is the future of retail,” said Kimco CEO Conor Flynn in a statement reacting to the deal.

Kimco, which owns interests in nearly 500 U.S. shopping centers, was part of a Cerberus-led investment group that 661 non-core Albertsons stores from Albertsons in 2006. Kimco maintains a 9.74% ownership interest in the existing Albertsons.

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