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Kimco Realty acquires balance of JV portfolio

Kimco Realty announced that it has acquired the remaining 60.9% interest in the 12-property Kimco Income Fund I portfolio from its joint venture partners for a gross price of $408M, including the assumption of $38.2M in mortgage debt. As part of this transaction, the company will repay $118.9M of mortgage debt encumbering nine of the properties. In addition, Kimco earned a cash promote of approximately $18.8M, which was used to reduce the company’s overall cash payment to $251.4M.