Mexico's Terrafina reached an agreement to acquire a Mexican property portfolio from U.S. Kimco Realty Corp. and its partner American industries for $600 million.
The Mexican real estate investment trust said in a press release that the portfolio of more than 80 properties that have a total of about 11 million square feet includes light manufacturing facilities for aerospace, automotive and consumer goods sectors.
Once completed, the acquisition will make Terrafina to have a total of 233 properties with 30 million square feet in industrial space. Terrafina expects the deal to be closed by the third quarter of 2013.
Terrafina, also called fibras in Mexico, and REIT in the United States, is the fifth Mexican real estate investment trust to list on the Mexican bourse in March this year.
The trust combines real estate assets like malls, industrial warehouses and hotels in an investment asset that pays investors based on capital gains and property rents.
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