- Kite Realty Group and Singapore’s GIC teamed up to acquire Legacy West, a major mixed-use lifestyle center in Plano, Texas, for $785M.
- The deal highlights resilience in the retail investment market, even as broader economic uncertainty and signs of a sales slowdown emerge.
- Kite plans further growth with GIC through a second joint venture focused on acquiring more high-quality open-air retail and mixed-use properties.
Despite an uncertain economic backdrop, investors nevertheless continue to show strong interest in prime retail assets, as reported by CoStar. Kite Realty Group and Singapore’s sovereign wealth fund GIC have closed a landmark $785M acquisition of Legacy West, a premier lifestyle center in Plano, Texas.
A Landmark Deal
Legacy West marks one of the largest retail transactions of the year. Kite, an Indianapolis-based REIT, acquired the 344,076 SF open-air center through a joint venture with GIC, securing a 52% majority stake and operating control. The center features luxury retailers like Louis Vuitton, Gucci, Chanel, and Tiffany & Co., alongside significant office and multifamily components.
Strategic Expansion
Kite Chairman and CEO John Kite called Legacy West a “rare opportunity” that aligns with the company’s long-term vision. The acquisition builds on Kite’s strong Dallas-Fort Worth presence and forms the foundation for a broader partnership with GIC. The two firms have a nonbinding letter of intent to seed a second joint venture with larger-format shopping centers in Florida and Texas.
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The Broader Market Picture
While some real estate players, such as Urban Edge Properties, report early signs of investment market slowing, Kite’s major acquisition, by contrast, indicates that liquidity remains strong for high-quality assets. Furthermore, according to CoStar, retail investment volume rose 5% in 2024, and notably, the first quarter of 2025 already outperformed the same period the prior year by 8%.
Deal Specifics
The Legacy West deal involved assuming a $304M mortgage with a 3.8% coupon. The center spans 35 acres with 782 units, 444K SF of offices, and retail sales topping $1K per square foot.
Why It Matters
The acquisition strengthens Kite’s relationships with luxury brands like LVMH and Kering and enhances synergies across its growing lifestyle portfolio. It also signals that top-tier retail assets are still commanding premium prices despite economic headwinds.
What’s Next
Kite Realty and GIC are planning to expand their joint venture partnership. Early targets include The Landing at Tradition and Parkway Towne Crossing in Florida and Texas.
