Kite Realty Forms JV, Recaps 3 Retail Properties With TH Real Estate

Livingston Shopping Center

INDIANAPOLIS–Kite Realty has recapitalized three retail assets via a new joint venture with TH Real Estate, a Nuveen company. The two companies have formed the venture to acquire retail properties via a fund managed by TH Real Estate.

Kite Realty contributed three properties to the venture valued at $99.8 million in exchange for a 20% ownership interest and $89 million in net proceeds. It will serve as the operating member responsible for day-to-day management of the properties and will receive property management and leasing fees. Kite used the net proceeds from the transaction to pay down its revolving line of credit. The joint venture obtained a 10-year $51.9 million fixed-rate loan on the properties at an interest rate of 4.09%.