Kimco Realty Buys Rest Of KIF I Portfolio

(RTTNews) - Kimco Realty Corp. (KIM) said Thursday that it has acquired the remaining 60.9% interest in the 12-property Kimco Income Fund I portfolio from its joint venture partners for a gross price of $408.0 million, including the assumption of $38.2 million in mortgage debt.

As part of the deal, the company will repay $118.9 million of mortgage debt encumbering nine of the properties. In addition, Kimco earned a cash promote of about $18.8 million, which was used to reduce the company's overall cash payment to $251.4 million.

With the KIF I acquisition, Kimco continues to advance its simplification goals that include reducing the number of institutional joint ventures and partners, streamlining property ownership and management, and adding high-quality retail assets to its wholly owned portfolio. The addition of the properties, totaling 1.5 million square feet, also strengthens Kimco's footprint in key retail territories. KIF I properties are primarily located in the Mid-Atlantic, Northeast and Northern California regions of the U.S., in mature markets with high barriers to entry and strong surrounding trade demographics.