SEB Asset Management sells majority interest in US retail portfolio to Kimco Realty Corp.

SEB Asset Management has sold its 85 per cent interest in a total of ten neighbourhood shopping centres in the US states of Maryland (MD), Virginia (VA) and New Jersey (NJ) to its joint venture partner Kimco Realty Corp. The listed US company, a specialist in retail centres that already held a 15 per cent interest in the portfolio, has acquired the remaining 85 per cent for around USD 234.4 million (approximately EUR 147 million), including existing real estate loans. After a holding period of seven years, the sale allows SEB Asset Management to take advantage of a unique sales opportunity for its SEB Global Property Fund. The total proceeds of the sale are slightly less than the most recent market values established by the Fund’s independent experts. 
Seven of the centres are located in the Baltimore Metropolitan Statistical Area (MSA), two close to Richmond (Virginia) and one in the greater Philadelphia area. The majority are infill locations, which are characterised by high building density. The ten buildings with around 131,400 sqm of space in total were 95% let as of the selling date. The primary tenants are US food chains such as Harris Teeter, Weis Markets, Safeway, Food Lion, Kroger and Sam’s Club, department stores such as Kohl’s and Marshalls, and diverse smaller retailers.

on July 18, 2014