Kimco Realty Gets Involved in SUPERVALU Deal
Kimco Realty Corp. (NYSE: KIM), the nation's largest owner and operator of neighborhood and community shopping centers, announced that it is a participant in the transaction reported earlier today by SUPERVALU INC. (NYSE: SVU) through its investment in a consortium led by Cerberus Capital Management, L.P. The company will hold an interest of approximately 15 percent in this investment group that originally acquired a portion of Albertsons, Inc. in 2006. Kimco anticipates funding its investment of up to $76.5 million from existing cash balances, existing credit facilities and cash from operations.
Commenting on the transaction, Kimco CEO Dave Henry said, “We are excited about adding to our successful investment in Albertsons which will reunite all of the Albertsons stores, and expand the proven management skills of Bob Miller and his team to the other SUPERVALU brands and operations.”
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