KKR Property Group Buys Chicago-Area Mall in First Deal

KKR & Co. (KKR), the private-equity firm run by Henry Kravis and George Roberts, bought a regional mall outside of Chicago for about $196 million in the first U.S. acquisition under its new real estate division.
KKR is investing with YTC Pacific in Yorktown Center, a 1.5 million-square-foot (139,000-square-meter) mall with more than 150 stores, the New York-based buyout firm said today in a statement. The property, about 20 miles (32 kilometers) west of downtown Chicago, has more than $280 million in annual revenue, and has been under private ownership since it opened in 1968.
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