Inland Real Estate to Be Taken Private

Inland Real Estate Corp. said Tuesday it reached an agreement to be taken private by real-estate funds managed by DRA Advisors LLC in a $1.07 billion deal.

Funds managed by DRA will acquire IRC, a shopping-center real-estate investment trust, for $10.60 a share in cash, a 6.6% premium over Monday's closing price.

"The 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," said IRC Chairman Thomas P. D'Arcy.

IRC shares have mostly held below $10 since 2009's bottom, after climbing above $20 during the real estate bubble.

The company valued the deal at $2.3 billion, including the assumption of existing debt. IRC said the agreement ends a process of "extensive discussions with other potential strategic and financial buyers."

Write to Anne Steele at Anne.Steele@wsj.com

(END) Dow Jones Newswires

December 15, 2015 08:45 ET (13:45 GMT)

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