M&A Deal Summary

PGGM and IRC Retail Centers Acquire Fort Smith Pavilion

On December 19, 2013, PGGM and IRC Retail Centers acquired real estate company Fort Smith Pavilion for 43M USD

Acquisition Highlights
  • This is PGGM’s 6th and IRC Retail Centers’ 26th transaction in the Real Estate sector.
  • This is PGGM’s 2nd and IRC Retail Centers’ 4th largest (disclosed) transaction.
  • This is PGGM’s 6th and IRC Retail Centers’ 26th transaction in the United States.
  • This is PGGM’s 1st and IRC Retail Centers’ 1st transaction in Arkansas.

M&A Deal Summary
Date 2013-12-19
Target Fort Smith Pavilion
Sector Real Estate
Buyer(s) PGGM
IRC Retail Centers
Deal Type Joint Venture
Deal Value 43M USD

Target

Fort Smith Pavilion

Fort Smith, Arkansas, United States
Fort Smith Pavilion is a regional power center consisting of 415,000 square feet of gross leasable area, including shadow anchor Target.

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Buyer(S) 2

Buyer

PGGM

Zeist,, Netherlands
Category Company
Sector Financial Services
DESCRIPTION

PGGM is a pension fund service provider and manage the pensions for different pension funds. Currently, Company manage pension assets worth in excess of approximately EUR 188,7 billion.

DEAL STATS #
Overall 6 of 11
Sector (Real Estate) 6 of 8
Type (Joint Venture) 6 of 7
State (Arkansas) 1 of 1
Country (United States) 6 of 7
Year (2013) 1 of 1
Size (of disclosed) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-29 Stone Creek Towne Center

Connecticut, United States

Stone Creek Towne Center, a power center totals approximately 142,800 square feet of leasable space and is anchored by Bed, Bath & Beyond, Old Navy and Best Buy.

Buy $36M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-01 Newport Pavilion Phase I

Newport, Kentucky, United States

Newport Pavilion Phase I is a 471,800-square-foot grocery-anchored power center. Newport Pavilion Phase I comprises 222,300 square feet of retail space including ground leases, which is 98% leased to Kroger Marketplace, Michaels, PetSmart, Ulta, Famous Footwear, Chick-fil-A and others. The center includes a separately-owned 134,500-square-foot Target store.

Buy $43M
Buyer

IRC Retail Centers

Oak Brook, Illinois, United States
Category Company
Founded 1994
Sector Real Estate
Employees141
Revenue 204M USD (2014)
DESCRIPTION
Inland Real Estate's corporate headquarters in Oak Brook, Illinois.
Inland Real Estate's corporate headquarters in Oak Brook, Illinois.

IRC Retail Centers LLC is a real estate company focused on owning and operating open-air neighborhood, community, and power shopping centers located in well-established markets primarily in the Central and Southeastern U.S. IRC Retail Centers was founded in 1994 and is based in Oak Brook, Illinois.

DEAL STATS #
Overall 26 of 32
Sector (Real Estate) 26 of 32
Type (Joint Venture) 8 of 9
State (Arkansas) 1 of 1
Country (United States) 26 of 32
Year (2013) 4 of 5
Size (of disclosed) 4 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-12 Walmart-Anchored Shopping Centers

United States

Walmart-Anchored Shopping Centers is a portfolio totals approximately 174,500 square feet of retail space. The portfolio includes the 62,307-square-foot Capital and 124th shopping center in Wauwatosa, the 71,927-square-foot Pilgrim Village shopping center in Menomonee Falls, and the 40,302-square-foot Timmerman Plaza in Milwaukee.

Buy $24M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-20 Goldenrod Marketplace Shopping Center

Orlando, Florida, United States

Goldenrod Marketplace Shopping Center is a recently developed community retail center shadow-anchored by a Walmart Supercenter. The Goldenrod Marketplace shopping center totals approximately 130,100 square feet and is shadow-anchored by a 207,200-square-foot.

Buy $20M
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