Kramont Agrees to Acquisition by Aussie Firm

Kramont Realty Trust, Plymouth Meeting, Pa., has announced an agreement under which it will be acquired and merged into Centro Watt America REIT III LLC, an affiliate of Centro Properties Ltd., Melbourne, Australia.Under the agreement, other affiliates of Centro would be merged simultaneously into Kramont Operating Partnership LP and Montgomery CV Realty LP. Holders of shares of Kramont and limited partnership units of the operating partnerships will receive: $23.50 per common share and per OP unit; $25 plus accrued and unpaid dividends per series E cumulative preferred share; and either one series B-1 preferred share in Centro Watt America REIT or, under certain circumstances, $25 plus accrued and unpaid dividends, per series B-1 preferred share. The transaction, which was unanimously approved by Kramont's board, is subject to the approval of Kramont's common and series B-1 shareholders voting together, the company said. Kramont, a shopping center real estate investment trust, can be found online at http://www.kramont.com.