Kimco to Sell Mexican Shopping Center Portfolio for $92M

Kimco Realty Corp. (NYSE: KIM), North America's largest owner and operator ofneighborhood and community shopping centers, today announced that it hasexecuted a purchase and sale agreement for the disposition of a four-propertyshopping center portfolio in Mexico to its local operating partner,Planigrupo, for a gross sales price of 1.2 billion Mexican pesos (US$92million). These wholly-owned properties, which comprise a total of 1.1 millionsquare feet, include: Plaza Universidad in Pachuca, La Nogalera in Saltillo,Gran Plaza in Cancun and Plaza Bella Huinala in Monterrey. This high-qualityportfolio contains several major anchor tenants including Home Depot, HEB andCinépolis, as well as Wal-Mart-affiliated Bodega Aurrera and Suburbia.The closing of this sale is subject to customary conditions, including Mexicanregulatory approval, and is expected to be completed during the fourth quarterof 2013. This transaction represents the second sale with Planigrupo during2013; in May, Kimco sold a nine-property Mexican shopping center portfolio,comprising 2.6 million square feet, to Planigrupo for US$274 million.In addition, Kimco recently completed two other sales from the Latin Americaportfolio during the third quarter of 2013. In Mexico, the company sold its 43percent ownership interest in the Centro Sur shopping center, a655,000-square-foot center in Guadalajara, Mexico, for approximately 523million Mexican pesos (US$41 million). This center is anchored by severalnotable tenants, including Wal-Mart, Cinépolis and Suburbia. Kimco also soldits 50 percent ownership interest in a nine-property shopping center portfoliolocated in Chile to its local joint venture operating partner for a grosssales price of approximately 25.3 billion Chilean pesos (US$50.2 million),including debt of 16.8 billion Chilean pesos (US$33.1 million). This portfoliowas 97 percent occupied and comprised 269,000 square feet.