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Blackstone Sells Retail Portfolio Stake To Kimco For $512.3M

Law360, New York (December 12, 2014, 8:07 PM EST) -- Kimco Realty Corp. bought the remaining two-thirds stake of a 39-property retail portfolio for $512.3 million from a Blackstone subsidiary, the real estate investment trust said Friday, furthering its strategy to shed joint ventures and acquire assets deemed high quality.

New Hyde Park, New York-based Kimco expects further redevelopment of the so-called Kimstone portfolio, a 5.6 million-square-foot mix of grocery-anchored shopping centers and larger outdoor malls — dubbed power centers — after buying a 66.7 percent share now owned by Blackstone Real Estate Partners VI. The...
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