Kimco recently acquired a portfolio of existing centers innorthern Mexico, and has invested in Chile. But the company alsohas approved its first small partnership in Brazil, and is lookingat several other Latin American countries, including Peru.
"We going to expand in South America, but we're going to do itin a very careful, disciplined matter," says David Henry, vicechairman and chief investment officer.
Mexico is extremely under-retailed, he notes. The United Stateshas about 45,000 neighborhood and community centers, while Mexicohas 800 such centers, offering substantial opportunities forgrowth. During the quarter, the company purchased land for two newdevelopment projects, and has since established a new $300 millionco-mingled fund with institutional partners to purchase land anddevelop retail centers in Mexico.
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