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AP News

Kimco sells Mexican shopping center properties

NEW HYDE PARK, N.Y. (AP) — Shopping center owner Kimco Realty Corp. said Monday that the sale of a nine-property Mexican shopping center portfolio to a local real estate operator has been completed for 2.78 billion pesos ($227 million).

The buyer is also assuming 573 million pesos ($47 million) of mortgage debt in the deal.

Kimco held a 47.6 percent interest in the portfolio, which included 2.6 million square feet and was 91 percent occupied. Its share of the proceeds was about $93 million, and it said it realized a gain on sale of about $26 million.

With the sale of the nine properties, Kimco said its remaining Mexican shopping center portfolio covers 47 properties totaling 9.4 million square feet.

Shares of New Hyde Park, N.Y.-based Kimco fell 12 cents to $24.09 in afternoon trading. Its shares are still near the high end of their 52-week range of $17.16 to $25.09.

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