New
York, March 14, 2013 – Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates,
“KKR”), a leading global investment firm with a global real estate team, and RED
Legacy, a real estate development firm focused on value add acquisitions, ground up development, asset management and
suburban and infill redevelopment opportunities, announce today that KKR and RED Legacy have jointly completed the acquisition of
Legends Outlets Kansas City located in Kansas City, KS, following their
successful bid at a receiver-mandated court auction held earlier this
year.
Legends Outlets Kansas City is home to nearly 100 designer and brand name stores, restaurants and
entertainment venues including anchor store Saks Fifth Avenue OFF 5TH, Ann
Taylor Factory Store, Brooks Brothers Factory Store, Cole Haan, Levi’s Outlet,
Nike Factory Store, Polo Ralph Lauren Factory Store and Under Armour, among many
more. Located in Village West, the
property opened to shoppers in 2006 and is poised to become a leading shopping
destination for both Kansas City residents and visitors to the market as it
attracts additional leading designer and top outlet center retailers where
shoppers save up to 65 percent off regular retail prices.
According to KKR Head of Real Estate Ralph F.
Rosenberg, “the closing of Legends Outlets Kansas City, our first collaboration
with RED Legacy, represents the joint vision our firms share in acquiring
high-quality assets that benefit from diverse demand drivers with significant
rent-growth potential. Moving forward we
are confident Legends Outlets Kansas City’s already impressive traffic and sales
numbers will increase as our leasing and marketing efforts get
underway.”
While the new ownership transition is planned to be
seamless for customers, future focus will be to attract additional outlet center
retailers to the development that are unique to the Greater Kansas City
marketplace.
“Our ultimate goal is for Legends Outlets Kansas
City to be the region’s premiere shopping destination,” said RED Legacy Managing
Partner Dan Lowe. “Legends Outlets
Kansas City draws significant traffic from across the greater metropolitan
region and from across the country. We
look forward to beginning our work to give customers an enhanced mix of uses and
more leading and favorite brands to shop, as well.”
ABOUT KKR
Founded in 1976 and led by Henry
Kravis and George
Roberts, KKR is a leading global investment firm with $75.5 billion in assets
under management as of December 31, 2012.
With offices around the world, KKR manages assets through a variety of
investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing
operational expertise to its portfolio companies and through active oversight
and monitoring of its investments. KKR
complements its investment expertise and strengthens interactions with fund
investors through its client relationships and capital markets platform. KKR & Co. L.P. is publicly traded on the
New York Stock Exchange (NYSE: KKR), and "KKR," as used in this release,
includes its subsidiaries, their managed investment funds and accounts, and/or their
affiliated investment vehicles, as appropriate.
For additional information, please visit KKR's website at
www.kkr.com.
ABOUT
RED LEGACY
Fired from the same single-minded drive that powered RED
Development for more than 16 years, RED Legacy delivers shopping centers focused
on rent growth and providing a unique customer experience. The newly created RED Legacy focuses on
suburban and infill redevelopment opportunities. Under RED co-founder, Dan Lowe, RED Legacy
engages in value-add projects with strong returns. Please
visit www.redlegacy.com
for more information.
ABOUT LEGENDS OUTLETS KANSAS
CITY
Located
in the heart of Village West at the intersection of Interstate 435 and Parallel Parkway just north of
Interstate 70 in Kansas City, Kan., Legends Outlets Kansas City is home to
nearly 100 leading designer and favorite brand name stores including Saks Fifth
Avenue OFF 5TH, Banana Republic Factory Store, Gap Outlet, J.Crew | crewcuts, Nike Factory Store,
Polo Ralph Lauren Factory Store, Tommy Hilfiger and Under Armour, among many
more, which offer savings of up to 65 percent off regular retail prices. Also featuring a wide array of restaurant and
entertainment venues, Legends Outlets Kansas City is the first collaboration
between KKR, a leading global investment firm, and operating partner RED Legacy,
a Kansas City-headquartered development company. Legends Outlets Kansas City is open Monday
through Saturday 10 a.m. to 9 p.m. and Sunday 11 a.m. to 6 p.m. with some venues
open extended hours. Please visit
www.legendsshopping.com for a complete merchant directory, sale and event
information and driving directions.
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