By: Investment Properties Mexico In a move that will be seen as massive vote of confidence in the Mexico investment and property markets, international financial services giant, Prudential Financial Inc, plans to raise around $501 million to invest in Mexico real estate.
The brokerage division of Mexico’s top bank, BBVA Bancomer, said last week that it was working for Prudential’s real estate investment arm to list an infrastructure trust on the Mexican stock exchange to raise the funds.
The Mexico investment bank said, “Mexico’s industrial [property] market is well positioned to benefit from the coming economic recovery in the medium term.”
The Prumex Industrial III real estate fund will use the money raised from the placing to buy and develop industrial Mexico investment properties.
Paulo Gomez, spokesman for Prudential Real Estate Investors (PREI) Latin America, told Dow Jones newswire that the fund will go to market in the next four months and should be completely invested over a period of five years.
According to a press release from BBVA Bancomer the target internal rate of return is 16% to 22% with a yield of 8% to 12%.
PREI has been investing in Latin America and Mexico real estate since 2000. They manage funds in the industrial, residential, and retail real estate sectors in Mexico and Brazil with gross assets under management in Latin America of over $2.6 billion.
The announcement follows comments from international investors and credit rating agencies that the Mexican government’s new fiscal package will ensure funds continue to flow into Mexico investments.
Article from Investment Properties Mexico, experts in investment real estate in Mexico. For information email info [at] investmentpropertiesmexico.com, call Mexico (984) 802-8336 or USA (561) 459-5448, or visit their website for more on Mexico investment
Monday, November 30, 2009
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