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NEW HYDE PARK, NY-Shopping-center REIT Kimco Realty Corp. has formed a joint venture with Toronto-based counterpart RioCan Real Estate Investment Trust to acquire and develop projects in Canada.

The companies have committed to ante up $32.4 million ($50 million CAN) each toward projects to be sourced and managed by the Canadian firm and subject to review by a joint oversight committee consisting of management teams from Kimco and RioCan.

In addition, the two firms will apply revenue derived jointly toward opportunities applicable to a combined portfolio, which currently comprises more than 600 shopping centers consisting of nearly 90 million sf of retail space.

Kimco’s portfolio totals roughly 68 million sf of retail space spread over 508 properties in 41 states. RioCan is Canada’s largest REIT with total assets of roughly $2.5 billion. Its portfolio boasts 138 retail properties across Canada with more than 20 million sf of retail space.

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