Oak Brook-based shopping center landlord sold in $2.3 billion deal

Inland Real Estate Corp., an Oak Brook-based shopping-center landlord, said it will be acquired by funds managed by DRA Advisors LLC for about $2.3 billion including debt.

DRA Advisors agreed to pay $10.60 a share in cash for the real estate investment trust, Inland Real Estate said in a statement on Tuesday. That's 6.6 percent more than Monday's closing share price. After the deal, Inland Real Estate will become a closely held REIT.

Inland, a public company, has agreed to become a privately held real estate investment trust after the acquisition is complete.

"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," Thomas P. D'Arcy, Inland Real Estate's nonexecutive chairman, said in the statement.

The transaction is expected to be completed in the first half of 2016. Most of Inland Real Estate's shopping centers are located in central and southeastern U.S.