Kimco Realty and American Industries Announce Agreement to Sell Interests in Mexican Industrial Properties to Terrafina for $600 Million
Kimco Realty Corp. (NYSE:KIM), North America’s largest owner and
operator of neighborhood and community shopping centers, announced today
that the company and its joint venture partner, American Industries,
have agreed to sell its beneficial interests in certain trusts that hold
a portfolio of Mexican industrial properties to Terrafina (BMV:
TERRA13). The value of the beneficial trusts are approximately $294
million, plus the assumption of $306 million in mortgage debt,
representing a gross value in the underlying properties of approximately
Kimco holds approximately a 50.7 percent interest and American
Industries holds the remaining interest in this portfolio which consists
of 84 properties totaling approximately 11 million square feet. These
facilities are occupied by multi-national tenants primarily for
distribution, light assembly, research and development, and industrial
production under U.S. dollar based net leases. Closing is subject to
customary conditions, including lender approvals, with Kimco expecting
this transaction to be completed by the third quarter of 2013.
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT)
headquartered in New Hyde Park, N.Y., that owns and operates North
America’s largest portfolio of neighborhood and community shopping
centers. As of March 31, 2013, the company owned interests in 895
shopping centers comprising 131 million square feet of leasable space
across 44 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. For further
information, please visit www.kimcorealty.com,
the company’s blog at blog.kimcorealty.com,
or follow Kimco on Twitter at www.twitter.com/kimcorealty.
Terrafina (BMV:TERRA13) is a Mexican real estate investment trust formed
primarily to acquire, own, develop and manage real estate properties in
Mexico. Terrafina’s portfolio consists of attractive,
strategically-located warehouses and other light manufacturing
properties throughout the central, Bajío and northern regions of Mexico.
Terrafina owns 146 real estate properties, including 132 developed
industrial facilities with a collective GLA of approximately 19.8
million square feet and 14 land reserve parcels. The company has
approximately 180 lease agreements with tenants that include
international, national, regional and local companies. Additional
information is available at http://www.terrafinafibra.com.
Copyright Business Wire 2013