Kimco completes $920M acquisition |
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Tue, 23 Jan 2007 01:12
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NEW HYDE PARK, N.Y. (AFX) - Real estate investment trust Kimco Realty Corp. said Monday it completed its acquisition of the retail component of Crow Holdings Realty Partners III LP in a deal worth $920 million.The acquisition includes 18 shopping centers and one mixed use project under development for a total of 3.6 million square feet. The properties are located in major cities, including New York, Washington, Dallas and Los Angeles.Sixteen of the properties will be held by a joint venture between Kimco and Prudential Real Estate Investors, the advisory business of Prudential Financial Inc. Kimco Realty will keep the mixed use development project in Fairfax, Va., and two properties in Atlanta and Dallas, the company said.Kimco Realty said the rest of the Crow Holdings portfolio was acquired by GE Real Estate for $1.3 billion.Kimco Realty shares fell 74 cents to close at $47.52 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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