Kimco Sells Mexico Shopping Centers for $92 Million
Kimco Realty is selling (link opens in PDF) a four-property portfolio of shopping centers in Mexico to Planigrupo, a local operating partner. The transaction has a gross sales price of 1.2 billion Mexican pesos, or $92 million, according to the company, and is expected to be completed sometime during Q4.
These properties total 1.1 million square feet. They are Plaza Universidad in Pachuca, La Nogalera in Saltillo, Gran Plaza in Cancun, and Plaza Bella Huinala in Monterrey.
This is the second time in 2013 that Kimco has sold a portfolio to Planigrupo. In May, the New York-based shopping center operator sold its local partner a group of nine properties that comprised 2.6 million square feet for $274 million. The properties in the most recently agreed-upon sale house several major tenants, including Home Depot, Mexican movie theater chain Cinépolis, and Wal-Mart-affliated Bodega Aurrera.
Earlier in the year, Kimco sold 43% of its ownership interest in the 655,000-square-foot Centro Sur shopping center in Guadalajara, as well as 50% of its ownership interest in a Chilean shopping center portfolio. Since the start of 2013, Kimco has seen its stock price move 6.2%, from $19.37 a share to $20.57.
As of June 30, Kimco Realty owned interests in 874 shopping centers, comprising 128 million square feet of leasable space across 43 states, Puerto Rico, Canada, Mexico, and South America.
The article Kimco Sells Mexico Shopping Centers for $92 Million originally appeared on Fool.com.Fool contributor Caroline Bennett has no position in any stocks mentioned. The Motley Fool recommends Home Depot. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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