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

PARSIPPANY, NJ-Prudential Real Estate Investors has joined Kimco Realty trust in the $4-billion acquisition of 138-center Pan Pacific Retail Properties. Prudential will kick in $1.1 billion toward the deal on behalf of three institutional investors it represents.

“This transaction gives our investors an opportunity to hold a stake in well-located shopping centers in the western US,” says Steve Vittorio, principal in the Capital Markets Group at PREI, in a statement. “The locations and tenants for these assets give them a solid inherent value that we hope to further enhance over time.”

Kimco was set to close its acquisition of San Diego-based Pan Pacific by the end of the month. The New Hyde Park, NY-based REIT had previously announced it is paying $70 per share for Pan Pacific, with $60 in cash and $10 in newly issued Kimco stock.

The deal with Kimco and Pan Pacific is not the only large retail real estate deal that Prudential has worked on recently. Last month the outfit finalized a deal with Indianapolis-based developer Kite Realty Group Trust to build or acquire $1.25 billion in shopping-center assets.

Prudential Financial companies, with approximately $568 billion in total assets under management, serve individual and institutional customers worldwide and include the Prudential Insurance Co. of America, one of the largest life insurers in the US. Kimco, led by chairman and CEO Milton Cooper, has interests in 1,128 shopping centers totaling approximately 145.3 million sf of leasable space in 45 states, Canada, Mexico and Puerto Rico.

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