Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Kimco Realty To Sell Mexican Shopping Center Portfolio For US$92 Mln

RELATED NEWS
Trade KIM now with 

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).

Register
To receive FREE breaking news email alerts for Kimco Realty Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
After moving sharply lower at the open, stocks showed a substantial recovery attempt over the course of the trading day on Monday. The Nasdaq and the S&P 500 bounced well off the one-month intraday lows set in early trading but still closed in the red. While most Americans oppose sending ground troops into combat operations against the terrorist group known as ISIS, the results of a CNN/ORC International poll found that an even larger majority think the American military will still end up putting boots on the ground. With incumbent Sen. Kay Hagan, D-N.C., and Republican challenger Thom Tillis running nearly neck-and-neck in the North Carolina Senate race, the results of a new CNN/ORC International survey suggest that the race could be decided by the number of votes for Libertarian candidate Sean Haugh.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.