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Kimco Realty : to Buy Partner's Interest in 39-Property Kimstone Portfolio

12/17/2014 | 01:08am US/Eastern

Kimco Realty reported that its subsidiary has executed a contract to acquire the remaining 66.667 percent interest in the 39-property Kimstone portfolio from its joint venture partner, a subsidiary of Blackstone Real Estate Partners VII (BREP) for a price of $925 million, which includes the assumption of approximately $426.7 million in mortgage debt.

In its release, the company said it will pay approximately $512.3 million to acquire BREP's interest. Kimco will use a combination of proceeds from recently completed and pending property sales in the U.S. and Latin America as well as availability under its existing $1.75 billion revolving credit facility to fund this transaction which is expected to be completed in the first quarter of 2015. Upon closing, Kimco will own 100 percent of the portfolio.

The portfolio, which consists of 39 high-quality properties totaling 5.6 million square feet, is approximately 97 percent occupied and is comprised of a balance between well-located, grocery- anchored shopping centers and dominant power centers in strong demographic areas that have high barriers to entry.

More information:

www.kimcorealty.com

((Comments on this story may be sent to newsdesk@closeupmedia.com))

(c) 2014 ProQuest Information and Learning Company; All Rights Reserved.

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