RioCan To Buy Kimco's Stake In Two Canadian Properties For C$87.5 Mln

(RTTNews) - RioCan Real Estate Investment Trust (REI_UN.TO) on Friday said it will buy Kimco Realty Corp's (KIM) 50% interest in two Canadian properties held in the RioKim joint venture, Brentwood Village and Grand Park, as part of a trade transaction.

As per the terms of the deal, RioCan will buy Kimco's 50% interest in Brentwood Village in Calgary, Alberta and Grand Park in Mississauga, Ontario for a total of C$87.5 million net of in place debt of C$8 million representing an equity commitment of C$79.5 million by RioCan

Also as part of the deal, RioCan will sell its 80% interest in Montgomery Plaza in Fort Worth, Texas to Kimco at a sale price of US$58.3 million net of in place debt of US$23.6 million representing equity of US$34.7 million with the remaining purchase price to be paid in cash by RioCan.

RioCan said its purchase of Brentwood Village and RioCan Grand Park are expected to be completed on March 31, with the remaining closings to be completed upon obtaining customary lender consents.