Kimco Realty Corp. (NYSE:KIM), North America’s largest publicly traded
owner and operator of neighborhood and community shopping centers, today
announced it has closed on the sale of a nine-property retail portfolio
in Mexico to a joint venture between Macquarie Mexican REIT (MMREIT)
(BMV:FIBRAMQ) and Grupo Frisa for a gross sales price of 2.9 billion
Mexican pesos (US $222.0 million) including debt of 475.9 million
Mexican pesos (US $36.3 million). Kimco’s pro-rata share of the sales
price was approximately 2.0 billion Mexican pesos (US $153 million).
The portfolio, which comprised 2.1 million square feet, was
approximately 90 percent occupied at the time of sale and, if certain
occupancy and rental growth thresholds are met 18 months after closing,
Kimco may earn an additional payment. The company expects to recognize a
$20.0 million gain on sale, before any impact from currency, which will
be excluded from the calculation of funds from operations.
This transaction represents a major part of the company’s simplification
strategy that includes exiting Latin America and focusing on its
portfolio in the U.S. and Canada. With the sale of these nine
properties, Kimco’s remaining Latin America shopping center portfolio
comprises 36 properties totaling 5.9 million square feet. The company is
currently negotiating contracts for the sale of these remaining
properties.
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 publicly traded portfolio of neighborhood and
community shopping centers. As of December 31, 2013, the company owned
interests in 852 shopping centers comprising 125 million square feet of
leasable space across 42 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.
Copyright Business Wire 2014