Simpson Thacher is representing Blackstone Real Estate Partners VII in the sale of its 66.7% interest in the 39-property Kimstone portfolio to its joint venture partner Kimco Realty Corp. (NYSE: KIM) for $925 million. The transaction is expected to close in the first quarter of 2015. Upon closing, Kimco will own 100% of the portfolio.
The portfolio consists of 39 high-quality properties totaling 5.6 million square feet and is comprised of grocery-anchored shopping centers and power centers. The properties in the portfolio are concentrated in the core markets of New York, Virginia, Texas, Florida, California and Maryland.
The Firm previously represented Blackstone Real Estate Partners VII in connection with its investment in the joint venture with Kimco Realty Corp. in 2013.
The Simpson Thacher team on this transaction includes Sas Mehrara, Alex Labowitz, Sarah Green and Danielle Jackson (Real Estate); and Nancy Mehlman and Jacqueline Barbera (Tax).