Inland Real Estate Corporation, a publicly traded real estate investment trust (REIT) in the US, is being taken private in a deal valued at $2.3bn.

Real estate investment manager DRA Advisors is buying all shares in the shopping centre specialist and will assume its debt.

Shareholders are set to receive $10.60 per share, representing an approximate 6.6% premium over yesterday’s closing stock price.

Thomas D’Arcy, non-executive chairman of Inland, said: “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 centre REIT peers.

“The board unanimously believes this all-cash offer is the best course of action to address this valuation gap and provide our stockholders with strong relative value for their investment.”

Inland owns and operates shopping centres in central and south eastern states with total leasable space of approximately 15m sqft.

It owns 135 properties, of which 36 are held through joint ventures. Inland and Dutch pension fund manager PGGM have run a number of joint ventures since 2010.

New York-headquartered DRA Advisors has $6.8bn of assets under management.