Kimco Realty breaks into Puerto Rico market
Acquires shopping center portfolio
By Inman News, Monday, March 20, 2006.Kimco Realty Corp. (NYSE:KIM) today announced that it has acquired interests in two shopping centers and has agreed to acquire interests in five additional shopping centers located in Puerto Rico.
The aggregate value of the properties is approximately $448 million, although the value of the transaction was not disclosed.
The portfolio was approximately 97.5 percent occupied at the time of the transaction, and includes anchor tenants such as Home Depot, Sam's Club, and JC Penney. This transaction represents Kimco's first property investment in Puerto Rico.
Kimco Realty Corp. is a publicly traded real estate investment trust specializing in shopping center acquisitions, development and management throughout 44 states, Canada and Mexico.
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