X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Long Island-based mall REIT Kimco Realty on Friday completed it merger with Raleigh, NC-based Konover Property Trust. The $35.5-million deal is a joint venture with Prometheus Southeast Retail Trust, the subsidiary of investment bank Lazard LLC owner that owned a majority stake in Konover.

The transaction places Konover, now renamed Kimsouth Realty Inc., under the ownership of PSCO Acquisition Corp., a newly formed entity co-owned by Prometheus and Kimco. Kimsouth’s holdings include 36 neighborhood and community shopping centers located in the Southeast. Kimco will provide support and advisory services to the company, which will operated primarily through Kimco’s new Raleigh office.

Going forward, Kimco expects to build the Kimsouth portfolio’s value by beefing up occupancy rates at owned centers, cutting down on expenses and selling off some assets.

Kimco has interests in more than 600 neighborhood and community shopping centers comprising 81 million sf and located throughout 41 states, Canada and Mexico.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.