Search
 

GE Capital Real Estate and Kimco Form Retail Joint Venture

STAMFORD, CT-GE Capital Real Estate and Kimco Realty Corp., have invested a total of $250 million in equity in a joint venture that will be looking to acquire "established, high-potential" retail shopping centers across the United States.

By John Jordan | Updated on October 18, 2001

STAMFORD, CT-Kimco Realty Corp., of New Hyde Park, NY, and GE Capital Real Estate of Stamford have formed a joint venture called Kimco Retail Opportunity Portfolio to purchase shopping center properties across North America.

GE Capital Real Estate officials say that the equity funding of the Kimco Realty Opportunity Portfolio is an 80-20 split, with GE Capital Real Estate supplying $200 million in equity and Kimco kicking in $50 million. While sources say that the joint venture partnership could have a total value of approximately $1 billion, officials with GE Capital Real Estate and Kimco refused to discuss the joint venture’s total value.

Unrelated to its joint venture with GE Capital Real Estate, Kimco does operate Kimco Income REIT, a joint venture with institutional partners that at the end of the second quarter of this year owned 57 community retail shopping centers in 19 states that had total assets of more than $1.1 billion. On August 13, Kimco reported that it had acquired five shopping centers totaling $98.2 million for the Kimco Income REIT.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

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 © 2024 ALM Global, LLC. All Rights Reserved.