June 13, 2016
West Hyde Park, NY-based Kimco Realty is looking to strategically exit Canada by year’s end, and it has made a major sale of its interests to advance its exit. The company sold 1.8 million square feet of its Canadian portfolio to Anthem Properties Group Ltd. for $324M USD ($413.2M CAD). Additionally, Anthem Properties assumed $160.7M USD of existing mortgage debt.
Since December 2015, Kimco has sold 26 of its Canadian properties, which represents 85% of the company’s NOI stemming from the northern country. However, Kimco still holds interests in nine Canadian shopping centers.
These transactions further propel the company’s strategy to accomplish “2020 Vision,” which is its plan to own and operate a “highly concentrated portfolio of open air shopping centers in the major, metro markets through the U.S.”