SEB Immobilien-GmbH of Frankfurt, said in an announcement before U.S. markets opened for trading, that it has made its first acquisition in American retail property by taking the stake in Kimco malls in Maryland, Virginia and New Jersey. Six of the nine malls are in the Baltimore area, the German fund said.
Kimco, the 12th-largest publicly-traded company on Long Island with revenues last year of $891.8 million, is the biggest owner of community shopping centers in the country. Kimco holds interests in about 1,300 centers, many anchored by a supermarket or a drug store.
Newsday reports on Kimco Realty Corp. selling nine malls to a German fund.