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Kimco Exits Canadian JV With Anthem

VANCOUVER, British Columbia—The sale of its interest in the 1.8-million-square-foot shopping center portfolio to Anthem Properties Group furthers Kimco’s goal of winding down its presence in Canada.

Parks West Mall in Hinton, Alberta, is one of 17 grocery-anchored shopping centers in the JV with Anthem Properties Group. Parks West Mall in Hinton, Alberta, is one of 17 grocery-anchored shopping centers in the JV with Anthem Properties Group.

VANCOUVER, British Columbia—Locally based Anthem Properties Group Ltd. has acquired Kimco Realty Corp.’s share of a joint venture on 17 Canadian shopping centers. The 1.8-million-square-foot portfolio traded to Anthem for US$324 million, including the assumption of US$160.7 million in debt.

The JV between Anthem Properties, a wholly owned subsidiary of Anthem Capital Corp., and Kimco was formed in the 2000s. Its most recent acquisition occurred in 2012, when the partnership paid US$42.4 million to acquire Millwoods Mainstreet, a 140,000-square-foot shopping center in Edmonton, Alberta.

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Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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