Kimco Realty Corp. (KIM) - Get Kimco Realty Corporation (KIM) Report announced today that it has acquired the remaining 70 percent interest in a portfolio of six Publix-anchored, Sunbelt region shopping centers from its existing joint venture partner, Jamestown, for a gross purchase price of $425.8 million. Subsequently, Kimco entered into a joint venture partnership with Blackstone Real Estate Income Trust, Inc. ("BREIT") in which Kimco will own 50 percent of the portfolio, with BREIT owning the remaining 50 percent interest. Kimco will continue to manage the portfolio on behalf of the joint venture.
The six high-quality, Publix-anchored assets total over 1.2 million square feet of gross leasable area in infill markets throughout the Southeast, with five located in the top-performing South Florida market, and one in the high-growth Atlanta market. Kimco's original 30 percent interest in the portfolio was acquired through the company's recently completed merger with Weingarten Realty.
"We're pleased to partner with Blackstone on this new joint venture which provides us an attractive opportunity to increase Kimco's ownership stake in a solid collection of grocery-anchored centers in South Florida and Atlanta - two booming markets with strong demographics and high barriers to entry," said Conor Flynn, Kimco's Chief Executive Officer. "The ability to efficiently acquire existing partnership interests in high-quality assets is one of the many benefits of our recently completed merger with Weingarten Realty, and one we've quickly been able to capitalize on."
Kimco Realty Corp. (KIM) - Get Kimco Realty Corporation (KIM) Report is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America's largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets. The company's portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of September 30, 2021, the company owned interests in 545 U.S. shopping centers and mixed-use assets comprising 94 million square feet of gross leasable space. For further information, please visit www.kimcorealty.com
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