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Kimco Exits Canadian JV With Anthem

VANCOUVER, British Columbia—The sale of its interest in the 1.8-million-square-foot shopping center portfolio to Anthem Properties Group furthers Kimco's goal of winding down its presence in Canada.

By Paul Bubny | paulbubny | Updated on June 10, 2016

Parks West Mall in Hinton, Alberta, is one of 17 grocery-anchored shopping centers in the JV with Anthem Properties Group. Parks West Mall in Hinton, Alberta, is one of 17 grocery-anchored shopping centers in the JV with Anthem Properties Group.

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.

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