Kite Realty Group Trust said it would purchase Inland Diversified Real Estate Trust Inc for $1.2 billion in stock to boost its shopping center portfolio and help it enter new markets in the United States.Shares of Kite Realty rose more than 5 percent in morning trade.The deal is the latest by a U.S. real estate investment trust (REIT) to shift focus to shopping centers, which are more profitable than other commercial properties, such as those leased to single tenants.Simon Property Group, the largest owner of U.S. malls and outlet centers, said in December it would spin off its strip center business and smaller enclosed malls to focus on larger retail properties.
Kite Realty Group Trust is a full-service, vertically integrated real estate company engaged in the development, construction, acquisition, ownership, and operation of neighborhood and community shopping centers in selected markets in the United States. Shares of KRG traded higher by 4.23% or $0.26/share to $6.41. In the past year, the shares have traded as low as $5.27 and as high as $6.91. On average, 842069 shares of KRG exchange hands on a given day and today's volume is recorded at 818404.
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