Kimco Realty and Blackstone Real Estate Income Trust Announce Transaction to Jointly Own Six Publix-Anchored Sunbelt Shopping Centers
28 Ottobre 2021 - 1:00AM
Business Wire
Kimco Realty Corp. (NYSE: KIM) 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.”
About Kimco
Kimco Realty Corp. (NYSE:KIM) 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
The company announces material information to its investors
using the company’s investor relations website
(investors.kimcorealty.com), SEC filings, press releases, public
conference calls, and webcasts. The company also uses social media
to communicate with its investors and the public, and the
information the company posts on social media may be deemed
material information. Therefore, the company encourages investors,
the media, and others interested in the company to review the
information that it posts on the social media channels, including
Facebook (www.facebook.com/KimcoRealty), Twitter
(www.twitter.com/kimcorealty), YouTube
(www.youtube.com/kimcorealty) and LinkedIn
(www.linkedin.com/company/kimco-realty-corporation). The list of
social media channels that the company uses may be updated on its
investor relations website from time to time.
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version on businesswire.com: https://www.businesswire.com/news/home/20211027006186/en/
David F. Bujnicki Senior Vice President, Investor Relations and
Strategy Kimco Realty Corporation 1-866-831-4297
dbujnicki@kimcorealty.com
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