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DRA Advisors Buys Inland Real Estate for $2.3B

Chicago Retail

Inland Real Estate stock is trading higher this morning after news broke the REIT was acquired by DRA Advisors in a reported $2.3B deal.

DRA will pick up Inland for $10.60 per share in cash, which will mark a 6.6% premium on Inland's closing stock price on Dec. 14. Inland will go private, as well, reports Crain's.

Oak Brook-based Inland has over 15M SF of leasable space across 135 properties. Most of the REIT's properties are grocery store-anchored shopping centers in the Chicago and Twin Cities markets, such as Stuart's Crossings in St. Charles (pictured). DRA President David Luski said in a statement the Inland portfolio has "quality assets, a strong management team and great long-term potential." [Crain's]