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RioCan Acquires Kimco’s Interest In 2 Malls

RioCan Acquires Kimco’s Interest In 2 Malls

RioCan REIT has acquired Kimco Realty Corp’s 50% interest in two properties held in the RioKim JV: Grand Park in Mississauga (above) and Calgary's Brentwood Village. The $87.5M deal closes today. In turn, RioCan is selling Kimco its 80% interest in Montgomery Plaza, a Fort Worth, TX, mall currently held in a JV. The acquisition of RioCan Grand Park and Brentwood Village will provide RioCan more flexibility to manage “potential future intensification” on both sites, RioCan CEO Edward Sonshine notes. And by selling its only co-owned, non-managed U.S. property, RioCan will own and operate 100% of its US portfolio.