PL Retail, a joint venture of Kimco Realty Corp. and DRA Advisors, is acquiring Price Legacy Corp., a San Diego-based shopping center operator, for approximately $696 million.Kimco, a New Hyde Park, N.Y.-based retail real estate investment trust, has a 15% interest in the joint venture, according to Price Legacy. DRA is a New York-based investment manager specializing in real estate. Price Legacy shareholders are to receive $18.85 per share in cash as consideration for the merger, a sum which could be adjusted upward, Price Legacy said. Approval of the transaction is required from Price Legacy shareholders, and the closing is also subject to certain other conditions.
PL Retail Buying Price Legacy
August 25, 2004, 2:00 p.m. EDT 1 Min Read
