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Kimco Boosts Stake in Retail Portfolio

NEW HYDE PARK, NY-The increase in ownership interest coincides with Blackstone affiliates closing on their controlling stake in the Kimco-UBS joint venture.

NEW HYDE PARK, NY-Kimco Realty Corp. said Monday it had increased its ownership interest in the Kimco-UBS joint venture comprising 39 shopping centers to 33% from its previous 18% interest. Simultaneously, affiliates of Blackstone Real Estate Partners VII completed their acquisition from affiliates of the UBS Wealth Management North American Property Fund for the remaining 67% ownership interest.

Both of these transactions valued the portfolio at $1.1 billion, including $631 million of assumed debt. The Wall Street Journal reported in February that Kimco would take on $104 million of that debt along with paying $61 million in cash.

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