When the exit from the RioCan was first announced, Kimco CEO David Henry commented that the sale enabled his company “to continue simplifying its operations by reducing the number of properties in joint ventures, including those that we do not manage, and provides an important source of capital to fund redevelopment activities and further strengthen our balance sheet.” The RioCan JV was formed in 2000.

VANCOUVER, British Columbia—Locally based Anthem Properties Group Ltd. has acquired Kimco Realty Corp.'s share of a joint venture on 17 Canadian shopping centers. The 1.8-million-square-foot portfolio traded to Anthem for US$324 million, including the assumption of US$160.7 million in debt.

The JV between Anthem Properties, a wholly owned subsidiary of Anthem Capital Corp., and Kimco was formed in the 2000s. Its most recent acquisition occurred in 2012, when the partnership paid US$42.4 million to acquire Millwoods Mainstreet, a 140,000-square-foot shopping center in Edmonton, Alberta.

Based in New Hyde Park, NY, Kimco has been winding down its Canadian presence, having previously closed on the first phase of exiting its 35-property partnership with RioCan Real Estate Investment Trust. Separately from its sale to Anthem, the REIT recently sold two other Canadian properties for US$77.4 million.

With the completion of these transactions, Kimco now has interests in nine remaining shopping centers in Canada. Since this past December, Kimco has sold 26 Canadian properties representing 85% of the company's Canadian-sourced NOI.

When the exit from the RioCan was first announced, Kimco CEO David Henry commented that the sale enabled his company “to continue simplifying its operations by reducing the number of properties in joint ventures, including those that we do not manage, and provides an important source of capital to fund redevelopment activities and further strengthen our balance sheet.” The RioCan JV was formed in 2000.