Simpson Thacher Represents Blackstone in Investment in $1.1 Billion Shopping Center Portfolio
06.24.13
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The Firm represented affiliates of Blackstone Real Estate Partners VII (collectively, “Blackstone”) in connection with its investment in a joint venture with Kimco Realty Corp. (NYSE: KIM). Blackstone acquired a 67 percent interest in the shopping center portfolio from affiliates of the UBS Wealth Management North American Property Fund, while Kimco increased its ownership interest in the joint venture to 33 percent from its previous 18 percent interest. Both of these transactions were based on a gross purchase price of approximately $1.1 billion including approximately $631 million of assumed debt. The joint venture comprises 39 retail properties totaling approximately 5.6 million square feet.
The Simpson Thacher team included Sas Mehrara, Anthony King, Frank Giovinazzo, Alexander Labowitz, Sam Charlton, Scott Mathias and Allan Chorny (Real Estate); Nancy Mehlman and Seojung Park (Tax); Jeanne Annarumma (Executive Compensation & Employee Benefits); and Jonathan Karen, Shannon O’Sullivan, Steven Homan and Mitchell Ryan (Corporate). Summer Associate Leanne Welds provided valuable assistance.