MEXICO CITY-Macquarie Mexican REIT has reached an agreement to acquire a 50% interest in a portfolio of nine retail properties and additional land for around $113 million (Ps.1.47B) from Kimco Realty Corporation.
An additional payment may be made to Kimco if certain occupancy and rental growth thresholds are met eighteen months after closing. US dollar figures are based on an exchange rate of 12.99 Ps./USD.
Grupo Frisa, a leading Mexican developer and property owner, will own the remaining 50% of the portfolio. Frisa currently holds a blended 31% interest in the properties and will acquire an additional blended 19% stake from Kimco at the same price as Macquarie Mexican (MMREIT). Frisa will continue to be responsible for the administration of the properties.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
