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Kimco Realty Corp And American Industries Announce Agreement To Sell Interests In Mexican Industrial Properties To Terrafina For $600 Million

Thursday, 23 May 2013 10:01am EDT 

Kimco Realty Corp announced 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 . 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% 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. 

Company Quote

-0.11 -0.49%
18 Sep 2014