Large Platform Events | Issue 23.35

 

Summary of Transaction Headlines

GlobeSt | “Kimco Realty Acquires RPT in Stock Deal Valued at $2 Billion”

Kimco Realty is acquiring RPT Realty in a stock transaction that has been valued at $2 Billion including the assumption of debt and preferred stock. Upon closing, Kimco expects to have a pro forma equity market capitalization of $13 Billion and a total enterprise value of $22 Billion. The deal has been priced at $11.34 per RPT share based on Kimco’s closing share price on August 25, 2023, representing a 19% premium to RPT’s closing share price on August 25, 2023.

IREI | “Harrison Street Seeks €1.5 Billion ($1.619 Billion USD) for the Fourth Vintage of European Fund”

Harrison Street, the alternative real assets investor, has announced that they are seeking €1.5 Billion ($1.619 Billion) for their new fund, Harrison Street European Property Partners IV per Harrison Street’s July report on the value of alternative real estate allocation within portfolios, particularly during turbulent commercial real estate times, Harrison Street hopes to continue to invest with this fund in diverse demographic-driven and needs-based assets, such as medical offices and self-storage, student and senior housing, and other categories.

IREI | “Realty Income Announces $950 Million Investment in Bellagio Las Vegas at $5.1 Billion Valuation”

Realty Income Corp. has signed a definitive agreement to invest approximately $950 Million to acquire common and preferred equity interests from Blackstone Real Estate Income Trust (BREIT) in a new joint venture that owns a 95 percent interest in the real estate assets of The Bellagio Las Vegas. Upon closing, Realty Income will invest approximately $300 Million of common equity in the joint venture, subject to certain adjustments, to acquire a 21.9 percent indirect interest in the property, BREIT will retain a 73.1 percent indirect interest, and MGM Resorts International (MGM) will retain a 5 percent interest in the property. Realty Income will also invest $650 Million to acquire a yield-bearing preferred equity interest in the joint venture.