Kimco Realty Corp. (NYSE:KIM), North America’s largest publicly traded
owner and operator of neighborhood and community shopping centers, today
announced that as part of its stated strategy to exit Latin America, it
has sold four retail properties from its Mexico portfolio for a gross
sales price of 1.1 billion Mexican pesos (US $82.1 million). The
portfolio sale generated pro-rata proceeds to Kimco of approximately
688.1 million Mexican pesos (US $53.3 million).
The four Mexican assets total 1.2 million square feet and were developed
between 2005 and 2009 in the cities of Rosarito, Tijuana, Los Mochis,
and Mexicali. Anchor tenants include Wal-Mart (4), Home Depot (2), and
Cinepolis (3). The four-property portfolio divestiture follows the
disposition of a nine-property Mexican portfolio in the first quarter of
2014. The sale represents continued progress on Kimco’s goal to simplify
its operations by exiting Latin America and focusing primarily on the
U.S. and Canadian shopping center portfolios. Kimco is currently
negotiating contracts for the disposition of all of its remaining retail
Latin American assets.
About Kimco
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 publicly traded portfolio of neighborhood and
community shopping centers. As of March 31, 2014, the company owned
interests in 835 shopping centers comprising 122 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