Jacksonville-based Regency Centers Corp. announced Thursday morning it has made an offer to acquire a smaller shopping center developer.
Regency is offering to buy Houston-based AmREIT Inc. for $22 a share in cash or stock, a total of about $418 million.
AmREIT has 32 community shopping centers focused in Texas and in Atlanta. Regency operates 332 shopping centers across the country.
“We believe that there is a strong strategic, financial and operational rationale for the combination of Regency and AmREIT. We are confident that this transaction is in the best interests of both companies’ shareholders and have a great interest in moving forward toward the negotiation of final terms and documentation,” Regency CEO Hap Stein said in a news release.
AmREIT did not immediately respond to Regency’s offer Thursday morning.