Kimco Realty Announces Agreement To Sell Mexican Shopping Center Portfolio For US$92 Million
Kimco Realty Corp. (NYSE: KIM), North America’s largest owner and
operator of neighborhood and community shopping centers, today announced
that it has executed a purchase and sale agreement for the disposition
Kimco Realty Corp. (NYSE: KIM), North America’s largest owner and operator of neighborhood and community shopping centers, today announced 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 (US$92 million). These 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 this sale is subject to customary conditions, including Mexican regulatory approval, and is expected to be completed during the fourth quarter of 2013. This transaction 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 percent ownership interest in the Centro Sur shopping center, a 655,000-square-foot center in Guadalajara, Mexico, for approximately 523 million Mexican pesos (US$41 million). This center is anchored by several notable tenants, including Wal-Mart, Cinépolis and Suburbia. Kimco also sold its 50 percent 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). This portfolio was 97 percent occupied and comprised 269,000 square feet. ABOUT KIMCO Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North America’s largest portfolio of neighborhood and community shopping centers. As of June 30, 2013, the company owned interests in 874 shopping centers, comprising 128 million square feet of leasable space across 43 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.