Kimco Strikes Again
Nov 1, 2006 12:00 PM
Before its last big deal could even close, Kimco Realty Corp. announced another. Kimco, in the midst of completing its previously announced $4-billion acquisition of Pan Pacific Retail Properties, agreed to acquire 19 shopping centers in conjunction with GE Real Estate's $2.2-billion acquisition of a portfolio of properties from Crow Holdings Realty Partners III L.P. Kimco's share of the deal amounts to $920 million. The properties are 98.5 percent leased and contain 3.6 million square feet of gross leasable space.
Kimco isn't planning on holding the asset for long. The company says it is in talks with an unnamed institutional investor to acquire the portfolio as part of its investment management program. Kimco will likely retain leasing and management on the properties, but sell controlling interests to the investor.
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