Regency Centers To Buy Mall Owner Equity One For $5B
Regency Centers Corp is set to become one of the nation’s largest shopping center investors once it buys New York's Equity One for $5B.
Regency announced the all-stock deal late Monday, with plans to convert every Equity One share into 0.45 shares of new Regency stock—this amounts to $31.44 per Equity One share, the Wall Street Journal reports. And it’s safe to say investors are pleased with the move—when news of the deal broke Monday Equity One’s stock shot up 15% overnight.
Both REITs own and manage grocery store-anchored retail centers and the merger will create a portfolio covering more than 57M SF across 429 properties. Shareholders still need to give their approval before the deal closes, and that’s expected to happen in Q1 or Q2 of next year. [WSJ]
