Kimco Realty Corp.(KIM) announced Thursday that the company and its joint venture partner, American Industries, have agreed to sell its beneficial interests in certain trusts that hold a portfolio of Mexican industrial properties to Terrafina. The value of the beneficial trusts are about $294 million, plus the assumption of $306 million in mortgage debt, representing a gross value in the underlying properties of about $600 million.
Kimco holds about a 50.7 percent interest and American Industries holds the remaining interest in this portfolio which consists of 84 properties totaling about 11 million square feet. These facilities are occupied by multi-national tenants primarily for distribution, light assembly, research and development, and industrial production under U.S. dollar based net leases.
Closing is subject to customary conditions, including lender approvals. Kimco expects that transaction will be completed by the third quarter of 2013.
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