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.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
