Real estate investment trust KIMCO Realty (NYSE:KIM) has announced that it has closed on nine Mexican shopping centers valued at $274 million, which includes $47 million worth of mortgage debt. The REIT had owned more than 47% of the interest in the portfolio of properties and will receive approximately $9 million, amounting to a $26 million realized gain. The properties had been 91% occupied.
With the closing of the deal, KIMCO continues to own 47 properties in the country totaling 9.4 million square feet. The REIT owns and operates North America's largest portfolio of neighborhood and community shopping centers, with interests in 895 shopping centers comprising 131 million square feet of leaseable space across 44 states, Puerto Rico, Canada, Mexico, and South America. It has specialized in shopping center acquisition, development, and management for more than 50 years.