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KKR makes first retail real-estate investment
April 19, 2012 / 1:46 PM / 6 years ago

KKR makes first retail real-estate investment

(Reuters) - Private equity firm Kohlberg Kravis Roberts & Co (KKR) (KKR.N) closed a $196 million investment in Yorktown Center, a Chicago-area mall, marking its first retail real estate investment in the United States.

KKR said YTC Pacific will manage the day-to-day operations of the mall and is also a co-investor in the transaction. YTC Pacific is a partnership between Pacific Retail Capital Partners, Collarmelle Partners and Peter Fair.

Yorktown Center generates over $280 million in annual revenue and has many national retailers and department store chains like Gap, American Eagle Outfitters, Forever21 and JC Penney.

KKR shares were down slightly at $14.23 in early trade on Thursday on the New York Stock Exchange.

(This story corrected spelling of JC Penney in paragraph 3)

Reporting by Tanya Agrawal in Bangalore; Editing by Viraj Nair

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