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Kimco Realty Corp.
, North America's largest owner and operator of
neighborhood and community shopping centers, today announced that it has
executed a purchase and sale agreement for the disposition of a four-property
shopping center portfolio in Mexico to its local operating partner,
Planigrupo, for a gross sales price of 1.2 billion Mexican pesos (US$92
million). These wholly-owned properties, which comprise a total of 1.1 million
square feet, include: Plaza Universidad in Pachuca, La Nogalera in Saltillo,
Gran Plaza in Cancun and Plaza Bella Huinala in Monterrey. This high-quality
portfolio contains several major anchor tenants including Home Depot, HEB and
Cinépolis, as well as Wal-Mart-affiliated Bodega Aurrera and Suburbia.
The closing of this sale is subject to customary conditions, including Mexican
regulatory approval, and is expected to be completed during the fourth quarter
of 2013. This transaction represents the second sale with Planigrupo during
2013; 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 America
portfolio during the third quarter of 2013. In Mexico, the company sold its 43
percent ownership interest in the Centro Sur shopping center, a
655,000-square-foot center in Guadalajara, Mexico, for approximately 523
million Mexican pesos (US$41 million). This center is anchored by several
notable tenants, including Wal-Mart, Cinépolis and Suburbia. Kimco also sold
its 50 percent ownership interest in a nine-property shopping center portfolio
located in Chile to its local joint venture operating partner for a gross
sales 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 portfolio
was 97 percent occupied and comprised 269,000 square feet.
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