Kimco Buying Atlantic Realty

Kimco Realty Corp., a New Hyde Park, N.Y.-based retail real estate investment trust, is acquiring Atlantic Realty Trust, a Maryland retail REIT that owns a single retail property.The merger consideration is $82.5 million in Kimco shares as well as the amount of Atlantic Realty's cash available on hand at the time of closing, Kimco said. The consideration is to be paid in Kimco common shares at their value on the day prior to the closing of the acquisition. Atlantic Realty was formed for the purpose of liquidating some assets and liabilities of Ramco-Gershenson Properties Trust, a Farmington Hills, Mich., retail REIT. Kimco can be found on the Web at http://www.kimcorealty.com.