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Kimco Realty Corp. (NYSE: KIM), North America’s largest owner and operator of neighborhood and community shopping centers, today announced it has closed on the sale of the InTown Suites company and related real estate assets to an affiliate of Starwood Capital Group, a leading global real estate investment firm, for a gross sales price of $735 million, including $609 million of existing mortgage debt. The company’s share of proceeds from this transaction after closing adjustments was approximately $103 million.
The InTown Suites portfolio represented the single largest remaining non-retail investment for the company with a book value of approximately $83 million. As a result of this sale and other non-retail transactions completed during the quarter, Kimco’s non-retail investment balance will be approximately $200 million or less than two percent of gross assets; the lowest level since the company initiated the monetization of its non-retail investments in 2010.
InTown Suites was owned by InTown Hospitality Investors LP, a joint venture in which Kimco held a 75 percent interest in a portfolio of 138 extended stay properties with approximately 18,000 rooms across 21 states.
Citigroup served as the financial advisor to InTown Hospitality Investors LP on the sale.
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North America’s largest portfolio of neighborhood and community shopping centers. As of March 31, 2013, the company owned interests in 895 shopping centers comprising 131 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisition, development and management for more than 50 years. For further information, please visit
http://www.kimcorealty.com, the company’s blog at
blog.kimcorealty.com/, or follow Kimco on Twitter at