Kimco Realty Corp. and Weingarten Realty Investors, a grocery-anchored Sun Belt shopping center owner, manager and developer, have entered into a definitive merger agreement under which Weingarten will merge with and into Kimco, with Kimco continuing as the surviving public company.
The transaction brings together two industry-leading retail real estate platforms with highly complementary portfolios, creating the preeminent open-air shopping center and mixed-use real estate owner in the country. The increased scale in targeted growth markets, coupled with a broader pipeline of redevelopment opportunities, positions the company to create significant value for its shareholders. The combined company is expected to have a pro forma equity market capitalization of approximately $12 billion and a pro forma total enterprise value of approximately $20.5 billion.
Kimco shareholders are expected to own approximately 71 percent of the combined company’s equity, and Weingarten s
