Kite and RPAI merge to become a power in open-air centers

Big grocery-anchored center owner Kite Realty Group has closed its $7.5 billion merger with mixed-use project standout Retail Properties of America to become a Top 5 operator of open-air retail centers.

“The resulting open-air portfolio has a productive mix of properties predominantly located in high-growth warmer and cheaper markets, while also increasing our presence in strategic gateway markets,” said John A. Kite, chairman and CEO. 

Indianapolis-based KRG will continue as the surviving public company, while Oak Brook, Ill.-based RPAI will be merged into Kite as a subsidiary. Common shares of the combined company will continue to trade under the symbol “KRG” on the New York Stock Exchange.

“We have already completed significant steps in our integration and are well-positioned to continue capitalizing on the strong leasing environment,” Kite added. “While the financial and operational synergies are extremely compelling, we are most passionate about the quality of the underlying real estate.”