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(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

SAN DIEGO-Kimco Realty Corp. has finalized its financing plan to acquire Pan Pacific Retail Properties in a deal that is valued at about $4 billion. Kimco will pay $70 per share for the locally based owner of 138 Western properties, $60 of it in cash and $10 in newly issued common stock.

The companies originally announced the deal in July. Management of New Hyde Park, NY-based Kimco and Pan Pacific have said they expect to close the deal in the fourth quarter.

The transaction will bring Kimco’s portfolio of shopping centers to nearly 1,300 assets in North America. “This merger fits well with our strategy of owning the highest quality shopping center portfolio, growing our management business and generating solid investment returns for our partners and shareholders while conserving our own equity capital,” said Milton Cooper, Kimco’s chairman and chief executive officer, in statement when the deal was first announced.

Since that time, Kimco has remained busy. Also in July, the company entered a joint venture with Cherokee Investment Partners, Sterling Centrecorp and North American Development Group to build a 1.2-million-sf open-air center in Montreal.

The company is also building a 700,000-sf mixed-use center in Orlando with North American Properties. When completed in 2008, that development, called SoDo, will feature 330,000 sf of retail space, including several anchor tenants and nearly 70,000 sf of restaurant and boutique space; 54,000 sf of second-floor office space; and 300 luxury residential units.

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