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Kimco Realty and American Industries Announce Agreement to Sell Interests in Mexican Industrial Properties to Terrafina for $600 Million

Thursday, May 23, 2013 10:00 AM


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 $600 million.

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.

About Kimco

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.

About Terrafina

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.

(Source: Business Wire )
(Source: Quotemedia)

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