Kimco Increases Its Ownership Interest In A Portfolio Of 39 High Quality Shopping Centers
Kimco Realty Corp. (NYSE: KIM), North America’s largest owner and
operator of neighborhood and community shopping centers, today announced
that the company has increased its ownership interest in the Kimco-UBS
Kimco Realty Corp. (NYSE: KIM), North America’s largest owner and operator of neighborhood and community shopping centers, today announced that the company has increased its ownership interest in the Kimco-UBS (“KUBS”) joint venture to 33 percent from its previous 18 percent interest. Simultaneous with this transaction, affiliates of Blackstone Real Estate Partners VII completed their acquisition from affiliates of the UBS Wealth Management North American Property Fund for the remaining 67 percent ownership interest. Both of these transactions were based on a gross purchase price of $1.1 billion, including $631 million of assumed debt. The KUBS joint venture comprises 39 properties totaling 5.6 million square feet which is currently 96 percent occupied with an average base rent per square foot of $15.51. The properties are well located in strong demographic markets that have high barriers to entry with a concentration of shopping centers in New York, Virginia, Texas, Florida, California, and Maryland. The portfolio is a balance between grocery-anchored shopping centers and dominant power centers with tenant rosters that include market leading grocers Publix, Giant Food, Whole Food Markets and Safeway, as well as investment-grade retailers Home Depot, Nordstrom Rack, Bed Bath & Beyond and T.J.Maxx. ABOUT KIMCO 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 www.twitter.com/kimcorealty.