Prudential's (PRU) Real Estate Business to Acquire All Assets from Pan Pacific Retail Properties (PNP) in a Joint Venture with Kimco Realty (KIM)

October 18, 2006 1:56 PM EDT

Prudential Real Estate Investors (PREI) announced it will acquire all of the assets from Pan Pacific Retail Properties, Inc (NYSE: PNP) in a joint venture with Kimco Realty Corporation (NYSE: KIM). PREI's equity investment supports Kimco's previously announced merger with Pan Pacific. PREI is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU).

PREI expects to contribute $1.1 billion in equity on behalf of institutional investors in three of its portfolios. Kimco and Pan Pacific have previously announced that Kimco will pay the merger consideration of $70 per share of Pan Pacific common stock with $60 in cash and $10 in newly issued Kimco stock, subject to Kimco's rights to revoke its election.

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