Kite Realty Group Trust, an Indianapolis-based real estate investment trust that owns and operates more than 50 shopping and retail centers around the country, announced plans this week to double in size by acquiring a rival in a stock-for-stock deal valued at $1.2 billion.

Sibling publication GlobeSt reports that Kite Realty will acquire the Inland Diversified Real Estate Trust, a non-traded REIT, in a transaction that will help it expand into new markets like Las Vegas, Salt Lake City and Westchester, N.Y. The deal is valued at $2.1 billion when including the roughly $1 billion in Inland Diversified debt that Kite Realty is poised to assume.

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