June 2, 2020
Shopping center REIT Kimco Realty Corp., headquartered in Jericho, NY, said Monday that it’s exploring an opportunity to sponsor a separate investment vehicle. The initiative is focused on raising capital to invest in retail real estate-related opportunities that arise from market disruptions affecting retailers and the retail real estate sector, including the ongoing disruption caused by the COVID-19 pandemic.
The REIT said it intends to invest approximately $50 million to $100 million in the separate investment vehicle upon the closing of its initial private capital raise. A subsidiary of Kimco intends to manage the new vehicle and will have the opportunity to receive income from it.
The separate investment vehicle is expected to commence its operations upon completion of its private capital raise. However, Kimco said it couldn’t provide any assurances that the separate investment vehicle’s capital raise or Kimco’s investment in the separate vehicle would be completed.
Pictured: Kimco headquarters in Jericho, NY.
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