Blackstone to Sell Retail-Center Stake to Kimco for $512M

Bloomberg reports that Blackstone plans to sell its stake in 39 retail centers to Kimco for $925 million. Blackstone initially purchased these centers in 2013 for $737 million, marking a significant profit. This sale is part of Blackstone's broader strategy to simplify its real estate portfolio before launching a new global fund. Concurrently, Kimco is also streamlining its portfolio by selling lower-quality assets and reducing joint ventures.

What is Kimco trying to achieve by selling lower quality assets?

How many shopping center properties is Blackstone agreeing to sell to Kimco?