Shopping center REIT Kimco Realty Corp.and 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 percent interest and American Industries holds the remaining interest in this portfolio which consists of 84 properties totaling approximately 11 million sq. ft. 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.
Terrafina is a Mexican REIT advised by Prudential Real Estate Investors.
“The addition of these assets contributes to the diversification of Terrafina’s portfolio in terms of industry location and tenants,” Terrafina CEO Alberto Chretin said in a statement. “And it is perfectly aligned to Terrafina’s strategy to grow the portfolio through accretive acquisitions as a consolidator vehicle for quality industrial assets.”
With the addition of this portfolio, Terrafina grows to 233 properties with more than 30 million sq. ft. of industrial space.