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)