Kite Realty Group Acquires $307M Portfolio of Shopping Centers

Kite Realty Group Trust KRG announced that it has entered into a purchase and sale agreement to acquire a portfolio of nine retail operating properties with an aggregate owned gross leasable area (“GLA”) of approximately 2.0 million square feet for a gross aggregate purchase price of approximately $307 million in cash. Seven of the properties to be acquired are located in the Company's existing markets of Florida, Georgia, and Texas, while two are in a new market, Birmingham, Alabama. Expansion in these markets enables the Company to build on its strong presence and significant operating experience. As of September 30, 2013, the portfolio to be acquired was 93.2% leased. See full press release