US Developer Exits Mexico Retail Portfolio

US developer Kimco Realty has agreed to sell a four-property shopping center portfolio in Mexico to Planigrupo, for MXP1.2bn ($92m), it says. The portfolio includes the Plaza Universidad in Pachuca, La Nogalera in Saltillo, Gran Plaza in Cancun and Plaza Bella Huinala in Monterrey. The closing of this sale is subject to Mexican regulatory approval, and is expected to be completed during 4Q 2013. The deal follows another $274m portfolio sale to Planigrupo in May.