- Company continues to advance its simplification strategy
- 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
Kimco Realty Corp., North America’s largest publicly traded owner and operator of neighborhood and community shopping centers, has 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.
Kimco Realty Corp. 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.