NEW YORK--(BUSINESS WIRE)-- 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."
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 http://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.
Kristi Huller, 212-230-9722
Dave Claflin, 816-777-2852
Strategy+Style Marketing Group
Sue Helondovitch, 973-588-3979
Source: Kohlberg Kravis Roberts & Co. L.P.
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