New Hyde Park-based Kimco Realty Corp. has sold a $165 million interest in an Australia-based commercial real estate company.
The Sydney, Australia, based Valad Property Group has industrial and commercial holdings throughout Europe and in Australia.
Kimco's sale of the Valad corporate securities, or convertible notes, was meant to help it focus on retail properties and it also netted $3 million in income, Dave Henry, president and chief executive of Kimco, said.
"Proceeds from this transaction will be used to partially repay the balance on the company's U.S. revolving credit facility," Henry said.
"The sale of the Valad notes represents a major step forward in the reduction of our non-retail investment portfolio which was one of our main goals for 2011."
Kimco owns hundreds of properties in the United States, Canada and Mexico, and in several South American countries, including Chile.
On Long Island, it owns Airport Plaza in Farmingdale, Bridgehampton Commons, Centereach Mall, East End Commons in Riverhead, Home Depot Plaza in Copiague, Manhasset Center and Hicksville Plaza.
It has other properties in Huntington Station, Jericho, Bellmore, Middle Island, Commack, Holtsville, Bridgehampton, Centereach, Central Islip, Riverhead, Elmont, Hampton Bays, Levittown, Plainview, Bayshore, Freeport, Merrick, Mineola, North Massapequa, East Northport, Glen Cove, Nesconset and Syosset.