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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
