Kimco Reduces Stake in Albertsons
Kimco Realty Corp. will partially monetize its investment in Albertsons Companies Inc. in conjunction with Albertsons’ $1.75-billion sale of convertible preferred stock. The Jericho, NY-based REIT, which currently holds a 9.29% interest in the grocery giant, will retain a 7.5% ownership interest.
“Our shareholders continue to benefit from the company’s Albertsons investment, especially at a time when liquidity remains paramount,” said Kimco CEO Conor Flynn. “Our Albertsons investment continues to be the hallmark of Kimco’s Plus business, which has a long and successful history of investing in real estate-rich retailers and other companies.
“With our remaining 7.5% residual ownership interest in Albertsons, this investment will further benefit our shareholders well into the future while strengthening and diversifying Kimco’s balance sheet,” Flynn continued.
The size of Kimco’s gain from the monetization will be determined after the stock sale closes. Kimco has already received more than $300 million from its Albertsons investment in recent years.
Pictured: Kimco headquarters in Jericho, NY.
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