Kimco Realty Sells Four Shopping Centers In Mexico

(RTTNews) - Kimco Realty Corp. (KIM) 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 or $82.1 million.The portfolio sale generated pro-rata proceeds to Kimco of approximately 688.1 million Mexican pesos or $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 noted that it is currently negotiating contracts for the disposition of all of its remaining retail Latin American assets.