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Kimco Strikes Deal to Acquire Pan Pacific

Retail REITS Agree on $2.9 Billion Merger
July 25, 2006
New York-based Kimco Realty Corp. (NYSE: KIM) plans to acquire San Diego-based Pan Pacific Retail Properties Inc. (NYSE PNP) for $2.9 billion in cash and stock, or about $70 per share.

Pan Pacific owns a portfolio of 138 retail properties totaling approximately 22.6 million square feet. Kimco will assume Pan Pacific's outstanding debt of $1.1 billion for a total transaction value of $4 billion.

Kimco, which operates a 143 million-square-foot portfolio of neighborhood and community shopping centers, has obtained $3 billion in financing to fund the merger, which is expected to close in the fourth quarter. Kimco shares rose $0.51 cents, while Pan Pacific fell $0.59 cents.

Latham & Watkins acted as legal counsel for Pan Pacific, and Wachtell, Lipton, Rosen & Katz and Greenburg Traurig acted as legal counsel for Kimco.
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