Kimco Realty Completes the Sale of a Nine-Property Mexican Shopping Center Portfolio
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--Kimco Realty Corp. (NYSE: KIM) today announced it has closed on the sale of a nine-property Mexican shopping center portfolio to a local real estate operator for a gross sales price of 3.35 billion Mexican pesos (US$274 million), including 573 million Mexican pesos (US$47 million) of mortgage debt. Kimco held a 47.6 percent interest in this portfolio which comprised 2.6 million square feet and was 91 percent occupied. The company’s share of proceeds from this transaction were approximately US$93 million with Kimco recognizing a gain on sale of operating properties of approximately US$26 million.
With the sale of these nine properties, Kimco’s remaining Mexican shopping center portfolio comprises 47 properties totaling 9.4 million square feet.
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 March 31, 2013, the company owned interests in 895 shopping centers comprising 131 million square feet of leasable space across 44 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 acquisition, 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.