KKR, RED Legacy Complete Acquisition of Legends Outlets Kansas City

  KKR, RED Legacy Complete Acquisition of Legends Outlets Kansas City

Business Wire

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.

Contact:

KKR
Kristi Huller, 212-230-9722
Cell: 917-940-1233
Kristi.Huller@kkr.com
or
RED Legacy
Dave Claflin, 816-777-2852
Cell: 913-523-4911
Dclaflin@redlegacy.com
or
Strategy+Style Marketing Group
Sue Helondovitch, 973-588-3979
Cell: 973-610-4763
sueh@strategyplusstyle.com
 
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