Big Shopping Centers (2004) Ltd. (TASE:BIG) is in advanced negotiations with Kimco Realty Corporation (NYSE: KIM) to buy half of its stakes in two strip malls in California for $32.4 million.
The price tag for the stake in the first mall, which has 17,500 square meters of leasable space and is 96% leased. The price tag for the stake in the second mall, which has 14,370 square meters of leasable space and is also 96% leased, is $18.4 million. Big did not disclose the locations of either mall.
Kimco is a real estate investment trust (REIT) that owns 1,478 retail properties across the North and South America.
If a deal is closed, it will mark Big's first acquisitions in the US, a move that it has been planning for the past year. The company expects to complete the negotiations in a few weeks.
Big's share price bucked the market today, with a rise of 0.4% to NIS 80.20, giving a market cap of NIS 905 million.
Published by Globes [online], Israel business news - www.globes-online.com - on April 18, 2010
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