Kimco Realty Corporation : Kimco Acquires Stake in Orleans Gardens Shopping Centre in Ottawa
03/21/2012| 05:20pm US/Eastern
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Kimco Realty Corporation (NYSE:KIM) today announced that it has
purchased a 50 percent ownership interest in Orleans Gardens Shopping
Centre in Ottawa, Ontario, for $16.4 million Canadian dollars (USD $16.5
million). This grocery-anchored property is part of a new pari passu
joint venture with the center's existing owner, North American Property
Group, and marks Kimco's sixth retail center in Ottawa, bringing the
company's Canadian shopping center portfolio to 64 properties.
Orleans Gardens S.C. is located at the intersection of Orleans Boulevard
and Jeanne D'Arc Boulevard in an established residential neighborhood in
Orleans, a fast-growing eastern suburb of Ottawa. The
110,000-square-foot center is anchored by two Canadian retailers: a
49,000-square-foot Loblaws Supermarket, and an 11,000-square-foot Rexall
Pharma Plus drugstore. The property benefits from the suburb's expanding
residential and commercial population. There are approximately 110,000
residents within a 3-mile radius, and the average household income of
$111,000 for this same area is one-third higher than the Canadian
national average.
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 December 31, 2011, the company owned interests in 946
shopping centers comprising 138 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 acquisitions,
development and management for more than 50 years. For further
information, please visit www.kimcorealty.com,
the company's blog at blog.kimcorealty.com,
or follow Kimco on Twitter at www.twitter.com/kimcorealty.
Kimco Realty Corporation
David F. Bujnicki, 1-866-831-4297
Vice
President, Investor Relations and Corporate Communications
dbujnicki@kimcorealty.com
© Business Wire 2012
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