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INDIANAPOLIS—The Kite Realty Group Trust has just acquired a portfolio of nine retail centers, the majority of which have a grocery anchor, with a gross leasable area of about two-million-square-feet with a gross purchase price of about $307 million in cash. The company acquired the portfolio in an off-market transaction that it believes is at a significant discount to replacement cost.

Seven of the centers are in the company’s existing markets of Florida, Georgia, and Texas, while two are in Birmingham, AL, a new market. The centers are in generally robust markets and as of September 30, 2013, the portfolio was 93.2% leased.

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