(KIM) Kimco Realty Divests Nine Mexican Assets

Recently, Kimco Realty Corp. (KIM) sold 9 assets of its Mexican shopping center portfolio to a local real estate operator for 3.35 billion Mexican pesos ($274 million), which include 573 million Mexican pesos ($47 million) of mortgage debt. The move comes as a part of Kimco’s effort to dispose its non-core assets. This retail real estate investment trust (REIT) had a 47.6% interest in the sold Mexican assets, which spanned 2.6 million square feet and were 91% leased. Notably, Kimco’s share of sale proceeds was approximately $93 million and the company generated a profit of about $26 million. Significantly, with the aforementioned transaction, Kimco’s Mexican shopping center portfolio now constitutes 47 assets, covering 9.4 million square feet. Kimco is well on track on improving its core business operations and is […]