Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

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

RELATED NEWS
Trade KIM now with 
8/26/2013 4:09 PM ET

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

Editors Pick
Stocks are seeing modest weakness in early trading on Wednesday after moving notably higher over the past several sessions. The major averages have all moved to the downside, although selling pressure has remained relatively subdued. New home sales in the U.S. unexpectedly showed a substantial decrease in the month of March, according to a report released by the Commerce Department on Wednesday, with sales falling to their lowest level in eight months. The report said new home sales plunged 14.5 percent to an annual rate of 384,000 in March from the revised February rate of 449,000. Euro area's government deficit shrunk last year to match the EU target, while public debt rose and remained above the official ceiling, figures from the Eurostat showed Wednesday. The shrunken government deficits suggest that euro area might be leaving behind the worst troubles of the financial crisis,...
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.