CDR - Cedar Realty Trust stock gains postmarket on acquisition by Wheeler REIT

Cedar Realty Trust (NYSE:CDR) stock jumped 8.8% postmarket after the REIT said it will be acquired by Wheeler Real Estate Investment Trust (NASDAQ:WHLR). WHLR will acquire CDR and its assets after the completion of the below transactions, in an all-cash deal that values the assets at $291.3M. CDR will sell a portfolio of 33 grocery-anchored shopping centers to a joint venture between a fund managed by DRA Advisors and KPR Centers for $840M. CDR will sell the Revelry redevelopment project for $34M. Cedar is negotiating the sale of the Northeast Heights redevelopment project for $46.5M. If the sale of the redevelopment projects is not completed prior to closing of the grocery-anchored shopping center portfolio sale, the DRA-KPR JV agreed to acquire these 2 projects for ~$80.5M. The transactions are estimated to generate total net proceeds of more than $29/share in cash, which will be distributed to shareholders upon completion. CDR

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Cedar Realty Trust stock gains postmarket on acquisition by Wheeler REIT