RPT Realty rises as Kimco Realty to buy REIT in $2 bln deal

Rithm Property Trust

28/08/2023 15:00

(Updates)
    ** Shares of real estate investment trust (REIT) RPT Realty
 RPT.N  rise as much as 20.5% to $11.53 in early trading
    ** Kimco Realty  KIM.N   will acquire RPT Realty in an
all-stock transaction valued at about $2 billion, including the
assumption of debt and preferred stock
    ** RPT shareholders will receive 0.6049 of Kimco shares for
each RPT share, or $11.34, reflecting a 19% premium on RPT's
closing price on Aug. 25
    ** Deal adds to Kimco's portfolio of grocery-anchored
shopping centers in the U.S. and expands its presence in the
Coastal and Sun Belt markets
    ** KIM edges up ~1% at 18.96
    ** Deal expected to close in the beginning of 2024 and be
immediately accretive to Kimco's funds from operation - co 
    ** YTD, RPT stock down 4.68% and KIM down 11.47% through
last close   

 (Reporting by Aishwarya Jain and Juveria Tabassum)
 ((Aishwarya.Jain@thomsonreuters.com))