DRA Cuts Deal for Inland Real Estate
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D’Arcy says taking DRA’s all-cash offer was “the best course of action.”
OAK BROOK, IL—Inland Real Estate Corp. said Tuesday it entered into a definitive agreement to be acquired by real estate funds managed by DRA Advisors LLC. Upon closing of the $2.3-billion deal, IRC will be a privately held REIT.
Sounding what has become a familiar theme in recent months, Thomas D’Arcy, IRC’s non-executive chairman, says the REIT’s board has been focused on “the options available to address the long-term discount at which the company’s shares have traded versus private market valuations and its shopping center REIT peers.” He adds that the board was unanimous in determining that the all-cash offer represents “the best course of action to address this valuation gap and provide our stockholders with strong relative value for their investment.”…
