NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--Kimco Realty Corp. (NYSE:KIM) today announced that it has sold three unencumbered retail properties in Mexico to FibraShop (BMV: FSHOP13), a Mexican real estate investment trust (REIT), for a gross sales price of 1.5 billion Mexican pesos (US $112.8 million). The portfolio sale generated pro-rata proceeds to Kimco of approximately 1.2 billion pesos (US $93.5 million) and represents the company’s third successful portfolio sale in Mexico during 2014 totaling 5.5 billion pesos (US $416.9 million) of gross value.
The portfolio is comprised of two consolidated shopping centers (Galerias Rio Sonora and Galerias Tapachula), as well as one unconsolidated property, (Los Atrios), in which Kimco held a 57.3% ownership interest. The high quality properties were developed in 2008, comprise 1.3 million square feet and feature prominent anchor tenants including Wal-Mart, Sam’s Club, Cinemex and Cinepolis. The properties are located in the cities of Hermosillo, Tapachula and Cuautla.
With the completion of this transaction, Kimco has sold 127 properties in Latin America comprising 20.5 million square feet for a gross sale price of US $1.5 billion since May 2013; the company’s share of sales proceeds totaled US $660.2 million.
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, New York, that owns and operates North America’s largest portfolio of neighborhood and community shopping centers. As of June 30, 2014, the company owned interests in 840 shopping centers comprising 121 million square feet of leasable space across 41 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.