News
Kimco Realty Repositions Company With $1B Deals In Q2
July 11, 2016
Kimco Realty Corp. and Weingarten Realty Investors, who inked a deal in April that will merger Weingarten into Kimco, creating $20.5B entity.
Kimco Realty is on a roll, repositioning the company and downsizing its portfolio with deals worth more than $1B in Q2 alone.
The NY retail REIT is in line with its 2020 Vision plan to reduce its JVs and cut its Canadian portfolio. In Q2, it unloaded interests in 22 Canadian shopping centers for $474.4M and shed a dozen US properties for $220.5M.
Its acquisitions in Q2 totaled $328.9M, including the purchase of the remaining 45% ownership stake in Oakwood Plaza and buying out Dania Pointe—both of which are in Florida and came to $299.2M, Zack’s Equity Research reports. Overall, its Q2 sales were $696M—this included 34 shopping centers that accounted for 4.3M SF and a land parcel. [ZER]
