M&A Deal Summary

Kimco Realty and RioCan Acquire Langley Power Centre

On March 12, 2003, Kimco Realty and RioCan acquired real estate company Langley Power Centre for 43M USD

Acquisition Highlights
  • This is Kimco Realty’s 13th and RioCan’s 8th transaction in the Real Estate sector.
  • This is Kimco Realty’s 14th and RioCan’s largest (disclosed) transaction.
  • This is Kimco Realty’s 8th and RioCan’s 8th transaction in Canada.
  • This is Kimco Realty’s 3rd and RioCan’s 3rd transaction in British Columbia.

M&A Deal Summary
Date 2003-03-12
Target Langley Power Centre
Sector Real Estate
Buyer(s) Kimco Realty
RioCan
Deal Type Joint Venture
Deal Value 43M USD

Target

Langley Power Centre

Langley, British Columbia, Canada
Langley Power Centre, is a 228,000 square foot unenclosed new format retail centre. Tenants of this 100% occupied centre include some of Canada's leading retailers, such as Winners, Michaels, Future Shop, Office Depot, Golf Town and Forzanis.

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Buyer(S) 2

Buyer

Kimco Realty

Jericho, New York, United States
Category Company
Sector Real Estate
Employees660
Revenue 1.8B USD (2023)
DESCRIPTION

Kimco Realty is a real estate investment trust (REIT) that owns and operates North America's major publicly traded portfolio of neighborhood and community shopping centers. Kimco Realty is based in Jericho, New York.

DEAL STATS #
Overall 13 of 38
Sector (Real Estate) 13 of 37
Type (Joint Venture) 8 of 11
State (British Columbia) 3 of 4
Country (Canada) 8 of 10
Year (2003) 1 of 2
Size (of disclosed) 14 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-12-30 Holmdel Town Center

Holmdel, New Jersey, United States

Holmdel Town Center is a 296,000 square foot shopping center,Major tenants in this shopping center include A&P, Marshalls, Petsmart, and Barnes & Noble. This property is 90.0 percent leased.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-10-01 Mid-Atlantic Realty Trust

Lutherville Timonium, Maryland, United States

Mid-Atlantic Realty Trust operates as a fully integrated and self-administered real estate investment trust (REIT).MART owns equity interests in 41 operating shopping centers, 36 of which are wholly owned and four of which are under redevelopment or expansion.

Buy $700M
Buyer

RioCan

Toronto, Ontario, Canada
Category Company
Founded 1981
Sector Real Estate
Employees565
Revenue 1.1B CAD (2023)
DESCRIPTION

RioCan is Canada's real estate investment trust. RioCan has total assets of approximately $3 billion consisting of ownership interests in a portfolio of 151 retail properties across Canada containing an aggregate of over 23 million square feet of gross leasable area. RioCan derives over 77% of its gross revenue from national and anchor tenants, with no one tenant providing more than 5.5% of gross revenue. RioCan's largest tenant is Wal-Mart and 14.2% of RioCan's revenue is provided by food supermarkets. RioCan was founded in 1981 and is based in Toronto, Ontario.

DEAL STATS #
Overall 8 of 8
Sector (Real Estate) 8 of 8
Type (Joint Venture) 8 of 8
State (British Columbia) 3 of 3
Country (Canada) 8 of 8
Year (2003) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-07-10 Tillicum Shopping Centre

Victoria, British Columbia, Canada

Tillicum Shopping Centre is a 412,000 square foot shopping centre anchored by Canada Safeway, London Drugs, Zellers, Winners and Famous Players, which is the only stadium seating theatre on Vancouver Island. Other national tenants include Petcetera, GNC, Stokes, Payless Shoesource, Kelsey's and Montana's. This recently renovated centre is currently 98.6% occupied.

Buy -
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