Kimco Realty Corp. (KIM: Quote) said Monday that it has executed a purchase and sale agreement for the disposition of a four-property shopping center portfolio in Mexico to its local operating partner, Planigrupo, for a gross sales price of 1.2 billion Mexican pesos, or US$92 million.
The wholly-owned properties, which comprise a total of 1.1 million square feet, include: Plaza Universidad in Pachuca, La Nogalera in Saltillo, Gran Plaza in Cancun and Plaza Bella Huinala in Monterrey. This high-quality portfolio contains several major anchor tenants including Home Depot, HEB and Cinépolis, as well as Wal-Mart-affiliated Bodega Aurrera and Suburbia.
The closing of the sale is expected to be completed during the fourth quarter of 2013.
The deal represents the second sale with Planigrupo during 2013; in May, Kimco sold a nine-property Mexican shopping center portfolio, comprising 2.6 million square feet, to Planigrupo for US$274 million.
In addition, Kimco recently completed two other sales from the Latin America portfolio during the third quarter of 2013. In Mexico, the company sold its 43% ownership interest in the Centro Sur shopping center, a 655,000-square-foot center in Guadalajara, Mexico, for about 523 million Mexican pesos (US$41 million). Kimco also sold its 50% ownership interest in a nine-property shopping center portfolio located in Chile to its local joint venture operating partner for a gross sales price of approximately 25.3 billion Chilean pesos (US$50.2 million), including debt of 16.8 billion Chilean pesos (US$33.1 million).
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by RTT Staff Writer
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