said Monday it is buying Inland Retail Real Estate Trust in a $3.9 billion deal.
Developers Diversified will acquire Inland Retail shares for $14 each. The company may elect to issue up to $4 a share of the total merger consideration in the form of Developers Diversified shares.
Developers Diversified agreed on a joint venture with a U.S. institutional investor, which will acquire 67 of Inland Retail's community center assets for about $3 billion of total asset value. The joint venture will be leveraged up to 60% loan to value and Developers Diversified will contribute 15% of the equity, said the company.
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