GE Capital Real Estate officials say that the equity funding ofthe Kimco Realty Opportunity Portfolio is an 80-20 split, with GECapital Real Estate supplying $200 million in equity and Kimcokicking in $50 million. While sources say that the joint venturepartnership could have a total value of approximately $1 billion,officials with GE Capital Real Estate and Kimco refused to discussthe joint venture's total value.

Unrelated to its joint venture with GE Capital Real Estate,Kimco does operate Kimco Income REIT, a joint venture withinstitutional partners that at the end of the second quarter ofthis year owned 57 community retail shopping centers in 19 statesthat had total assets of more than $1.1 billion. On August 13,Kimco reported that it had acquired five shopping centers totaling$98.2 million for the Kimco Income REIT.

The initial funding for its venture with GE Capital RealEstate--the Kimco Retail Opportunity Portfolio--consists of ashared equity pool established by the two partners. Kimco willhandle the management and leasing of properties acquired by thejoint venture. GE Capital Real Estate and Kimco will jointlyidentify properties to acquire as well as structure financing forthe acquisitions. Officials with the joint venture relate that itwill seek to acquire "established, high-potential retail propertiesin the U.S."

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.