87 Industrial Assets Trade to Mexican REIT

MEXICO CITY-Mexican REIT Terrafina is buying 87 industrial properties from a joint venture of Kimco Realty Corp. and American Industries for $600 million, including the assumption of $306 million in debt. The 87-asset, 11-million-square-foot deal will make Terrafina the largest owner of industrial properties in Mexico, with a portfolio of more than 30 million square feet in the sector.

“The addition of these assets contributes to the diversification of Terrafina’s portfolio in terms of industry location and tenants,” Alberto Chretin, CEO of Terrafina, says in a release. “And it is perfectly aligned to Terrafina’s strategy to grow the portfolio through accretive acquisitions as a consolidator vehicle for quality industrial assets.”