Focused on Opportunities Arising from Market Disruptions Affecting Retailers
JERICHO, N.Y.–Kimco Realty Corp. (NYSE: KIM), one of North America’s largest publicly-traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets, today announced that it is exploring the opportunity to sponsor a separate investment vehicle. The initiative is focused on raising capital to invest in retail real estate-related opportunities arising from market disruptions affecting retailers and the retail real estate sector, including the ongoing disruption caused by the COVID-19 pandemic. Kimco 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 managing the vehicle. The separate investment vehicle is expected to commence its operations upon completion of its private capital raise. Kimco cannot provide any assurances that the separate investment vehicle’s capital raise, nor Kimco’s investment in the separate vehicle, will be completed on successful terms, or at all.
This press release does not and shall not constitute an offer to sell nor a solicitation of an offer to buy any securities of the separate investment vehicle, nor shall there be any offer, solicitation or sale of the securities of the separate investment vehicle in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
The securities offered by the separate investment vehicle will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or the applicable securities laws of any other jurisdiction. Accordingly, until registered, such securities may be resold or transferred only in transactions that are exempt from registration under the Securities Act or any securities laws of any other jurisdiction.
Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets. As of March 31, 2020, the company owned interests in 401 U.S. shopping centers and mixed-use assets comprising 70 million square feet of gross leasable space primarily concentrated in the top major metropolitan markets. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 60 years.