Written by: Leonard Parker | Houston Business News | 20th April
Houston's Weingarten Realty Investors has entered into a merger with Kimco Realty Group for a whopping $3.87 billion, per Culture Map's Steven Devadanam.
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The transaction unites two industry-leading retail real estate platforms with complimentary portfolios, accordinga press release.
“This business combination is highly strategic, creating a stronger platform that is even more capable of delivering long-term growth and value creation,” Kimco’s CEO Conor Flynn said in a statement. “Not only will the merged company and its shareholders enjoy a larger, higher quality, more diversified portfolio with significant embedded growth opportunities, the transaction also reduces the combined company’s leverage, creating a stronger financial profile."
Flynn added that the merge "reflects our conviction in the grocery-anchored shopping center category, which has performed well throughout the pandemic and provides last mile locations that are more valuable than ever due to their hybrid role as both shopping destinations and omnichannel fulfillment epicenters."
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The merger will raise stock value for shareholders and create an even bigger realty leviathan among Houston landholders and property investors.