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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.

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