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.
This article was originally published as Kimco Sells Mexico Shopping Centers for $92 Millionon Fool.com
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