NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--Kimco Realty Corp. (NYSE:KIM) today announced that it sold its interests in a 17-property Canadian portfolio totaling 1.8 million square feet to Anthem Properties Group Ltd. for a gross sales price of CAD $413.2 million (USD $324.0 million), including the assumption of CAD $205.0 million (USD $160.7 million) of existing mortgage debt. Kimco’s share of the sales price and debt assignment was USD $291.6 million and USD $144.7 million, respectively.
Separately, during the second quarter, the company sold its interests in two additional shopping centers in Canada for CAD $99.3 million (USD $77.4 million), including the assignment of CAD $26.6 million (USD $20.6 million) of existing mortgage debt. Kimco’s share of the sales price and debt assumption was USD $38.7 million and USD $10.3 million, respectively.
With the completion of these transactions, Kimco has interests in nine remaining shopping centers in Canada. Since December 31, 2015, Kimco has sold 26 Canadian properties representing 85 percent of the company’s Canadian sourced net operating income. These transactions further Kimco’s 2020 Vision, the company’s strategic plan of owning and operating a highly concentrated portfolio of open air shopping centers in the major, metro markets throughout the U.S.
ABOUT KIMCO
Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is North America’s largest publicly traded owner and operator of open-air shopping centers. As of March 31, 2016, the company owned interests in 550 U.S. shopping centers comprising 88 million square feet of leasable space across 36 states and Puerto Rico. 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 atwww.twitter.com/kimcorealty.
