Kimco Realty Corp. known as the largest publicly traded owner and operator of community shopping centers in North America, has confirmed the sale of four of its retail properties for a gross sum of 1.1bn Mexican pesos or $82.1m.
The company received pro-rata proceeds of 688.1m Mexican pesos ($53.3m).
The four sites total 1.2m ft² and were opened during 2005 and 2009 in Tijuana, Mexicali, Los Mochis and Rosarito. Its anchor tenants include Cinepolis (3), Home Depot (2) and Wal-Mart (4). The sale is representative of Kimco’s aim to simplify its overall operations by leaving Latin America and placing focus on its holdings in the U.S. and Canada. The company is currently negotiating the disposal of all its remaining retail assets in Latin America.
The company is a real investment trust based in New Hyde Park, New York. It owns and manages the largest North American portfolio of community and neighborhood shopping centers. As at March 2014, it had interests in 835 centers, with 122 million sq ft of leasable area across 42 US states, South American, Mexico, Canada and Puerto Rico. It is a public company listed on the NYSE since 1991.
19 JUNE 2014, Mexico