Kimco North Trust III Completes Private Placement

On April 21, 2005, Kimco North Trust III, an entity controlled by Kimco Realty Corp., a US-based REIT, issued $150 million principal amount of notes due in 2010. Kimco Realty, the guarantor of the notes, has a market capitalization of approximately $5.7 billion, and is the largest publicly traded owner and operator of community shopping centers in North America. Kimco North Trust III holds its Canadian assets. The transaction represented the first time a US REIT has raised capital in Canada. RBC Dominion Securities acted as lead agent and sole book-runner for the transaction, with Scotia Capital as co-lead agent and CIBC World Markets as co-manager.

Kimco Realty and Kimco North Trust III were represented by in-house counsel, Bruce Rubenstein, and by Davies Ward Phillips & Vineberg LLP, with respect to both Canadian and US matters, with a team that comprised Hillel Rosen, Neil Kravitz and Marc-Alexandre Poirier (corporate/securities), Gerald Shepherd and Ariane West-Pernica (corporate/securities - New York), Nathan Boidman and Rhonda Rudick (tax), and Peter Glicklich and Michele Alexander (tax - New York).

RBC Dominion Securities, Scotia Capital and CIBC World Markets were represented by McCarthy Tétrault LLP, with respect to Canadian matters, with a team that comprised Lorna Telfer, Patrick Boucher, David Woollcombe, Sumit Soni and Michael Urbani (corporate commercial and securities) and Jerald Wortsman and Steven Baum (tax); and by Winston & Strawn LLP, with respect to US matters, with a team that comprised Michael A. Smith (securities) and Michael Moetell (tax).