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Yesterday, 9:37 AM
Dec. 18, 2015, 8:21 AM
- After completing a strategic review of its U.S. operations, RioCan (OTCPK:RIOCF) agrees to sell its U.S. portfolio of 49 retail properties in the Northeast and Texas for $1.9B to Blackstone (NYSE:BX) Real Estate Partners VIII.
- The sale will ensure ample funds with which to make its just-announced purchase from Kimco and to significantly deleverage the company balance sheet.
- The sale price represents an increase in value of about C$930M over the cost of the properties (which were acquired between 2009 and 2015), or an estimated IRR of roughly 16%.
- Source: Press Release
Nov. 23, 2015, 2:55 PM
Sep. 24, 2015, 9:25 AM
- Kimco (NYSE:KIM) will sell its interest in a Canadian JV owning 35 properties to its JV partner RioCan Real Estate Investment Trust (OTCPK:RIOCF).
- The move is inline with Kimco's strategy to simplify its business by, among other things, reducing the amount of properties it owns in JVs.
- The sale will take place in stages, and the disposition of the initial 19 properties will result in cash proceeds to Kimco of about $220M.
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