A Hogan Lovells corporate team has advised Kite Realty Group Trust (KRG) on its proposed merger with Inland Diversified Real Estate Trust. Under the terms of the merger agreement, Inland Diversified will merge into a wholly owned subsidiary of KRG in a stock-for-stock transaction valued at approximately $2.1bn (£1.3m).
This deal allows KRG to expand its holdings and enter new markets including Las Vegas, Salt Lake City, Virginia Beach, Bayonne, New Jersey and Westchester County, New York.
Currently, KRG owns interests in 74 retail and commercial shopping centres, and the acquisition will increase its portfolio to 131 properties across 26 states. The transaction is expected to close late in the second quarter or in the third quarter of 2014.
The Hogan Lovells team was led by Washington DC corporate partners David Bonser and Paul Manca, partners Warren Gorrell (global co-chief executive officer), Prentiss Feagles, Lee Berner and Cam Cosby and counsel Matt Thomson. Associates Nicole Brown, Brandon Egren and Jan Shanklin also assisted in the transaction.