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.

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