Regency Centers Corp. said Aug. 18 it completed its acquisition of Urstadt Biddle Properties Inc., a deal that increases Jacksonville-based Regency’s portfolio to 480 properties across the country.
Urstadt Biddle operated 77 properties mainly in the New York metropolitan area. Like Regency, the company focused on developing and operating grocery-anchored shopping centers.
“These centers align well with Regency’s portfolio strategy and meaningfully expand our presence in strong trade areas in the Northeast,” Regency CEO Lisa Palmer said in a news release.
Regency announced the agreement in May to acquire Urstadt Biddle for stock valued at $1.4 billion.
Urstadt Biddle shareholders approved the deal at a special meeting Aug. 16.
Regency said the merged company has a market capitalization of more than $11 billion and an enterprise value of more than $16 billion. The company said the acquisition will be immediately accretive to its core operating earnings.