Realcomm LIVE: Kimco and RF Discuss Weingarten Merger
Kimco Plans to Capitalize on Redevelopment Opportunities
August 2022 | During Realcomm’s 2022 Conference in Orlando, Florida, Kimco Realty CIO Tom Taddeo and RF Enterprise Managing Consultants Dan Sterk and Gregg Haverstick joined Howard Hughes Chief Innovation Officer Jesse Carrillo on the Realcomm Live stage to discuss the successful integration of Kimco Realty and Weingarten Realty Investors.
RealFoundations was engaged by Kimco to deliver M&A Integration expertise during its merger with Weingarten Realty Investors, integrating the companies’ unique operating platforms and transitioning to Kimco’s Technology stack. The merger combined the two industry leaders with geographically complementary portfolios of similar open-air retail and mixed-use real estate assets. Kimco will continue as the surviving public company with plans to capitalize on redevelopment opportunities throughout the portfolio and increase scale in targeted markets.
Project Overview
A high degree of engagement and commitment from both organizations was essential to seamlessly transition all systems onto the Kimco operating platform in less than 100 days. RealFoundations successfully facilitated and navigated the close of the 4-billion-dollar acquisition prior to the deadline and on budget while working 98% over distance through the COVID-19 pandemic. The team leveraged robotic process automation to validate the data and give the business owner confidence that the correct data was moved to the right place in the right form.
Reputable partnerships, along with synergies in human capital at Kimco Realty, MRI Software and RealFoundations, made the integration of the platform in such a short timespan possible. As a Platinum Consulting Partner with MRI, RealFoundations also worked closely MRI experts to convert Weingarten’s operational and financial data JD Edwards to Kimco’s MRI platform.
“That partnership, that trust in your service provider is absolutely key. I think that the teamwork on both sides can only be successful if all parties have a common set of goals and interest in accomplishing.”
— Tom Taddeo, CIO, Kimco Realty
The ability of the collective RealFoundations, MRI, Kimco and Weingarten project team members to expedite the merger and acquisition during a transformative work environment was unprecedented and commendable. The success of the merger and acquisition integration should build greater conviction for the day-one playbook and execution.
Our MRI Software Experience
RealFoundations has significant experience implementing and optimizing the MRI Software platform for clients spanning all real estate sectors. For over two decades, we have collaborated with MRI Software on diverse initiatives, including the development of accelerated implementation methods, the design and implementation of the Connect Suite of Solutions, and the integration of various third-party systems to streamline business processes. Our knowledge and cross-module experience with MRI enables us to meet our clients’ most important functional requirements while increasing their operational efficiency. Named MRI Software’s 2021 Partner of the Year, RealFoundations has completed over 40 MRI implementations ranging from v2.0 through the latest Version X, including some of MRI’s largest global implementations. Since the introduction of MRI Version X in late 2015, we have completed over 50 projects covering strategy, design, upgrade, implementation, process improvement, technology optimization and merger integrations. To learn more about our experience, visit MRI Software Expertise for Proven Success.
Connect with Us
To learn more about this initiative and how we can help your company run better, contact our Enterprise Managing Consultant Gregg Haverstick by email or +1 646 825 7988.
About Kimco Realty
Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, and a growing portfolio of mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week.
About RealFoundations
RealFoundations (RF) is the world’s foremost professional services firm focused solely on the real estate industry. Through our delivery of Management Consulting and Managed Services, we help companies that develop, own, operate, service or invest in real estate make better, more profitable decisions. We are proud partners to over 500 real estate companies around the globe, providing accelerated solutions that solve some of real estate’s most complex challenges. We Make Real Estate Run Better.
