GE Commercial sets its sights south of the border.GE Commercial Finance Real Estate announced that it has formed a new wholly-owned subsidiary in Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. , Intramerica Real Estate Group, and has completed one of the largest Latin American real estate transactions to date, the purchase of a property portfolio from FINSA FINSA Fraccionadora Industrial del Norte, SA (México) Group for approximately $450 million. Intramerica Real Estate Group is a leading real estate investor A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. and operator, acquiring real estate investments either directly or with joint venture partners. The company currently owns and operates 135 properties in Mexico, with a portfolio value exceeding $500 million. Intramerica has 25 employees in nine offices throughout Mexico, with headquarters in Monterrey. The purchasing entity is Intramerica Industrial Properties 1, a joint venture between Intramerica Real Estate Group and the Arguelles family of FINSA Group. Intramerica Real Estate Group will have a majority interest in the portfolio, with the Arguelles family retaining a minority position. FINSA Group will provide ongoing corporate services Activities that combine or consolidate certain enterprise-wide needed support services, provided based on specialized knowledge, best practices, and technology to serve internal (and sometimes external) customers and business partners. and leasing expertise to the joint venture. AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group Global Real Estate Investment Corp., a partner in FINSA Group, will maintain a residual incentive-based participation interest in the portfolio and will provide advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal related to the investment. Property management will be handled by Intramerica Management Services. The Intramerica Industrial Properties 1 portfolio consists of 112 high-grade High-grade Credit quality of AAA or AA. high-grade Of, relating to, or being a bond with little risk of default on the part of the issuer. High-grade is usually reserved for bonds rated AAA or AA by the rating services. industrial properties in 11 strategic locations across Mexico. At the time of the acquisition, approximately 97% of these properties were leased, largely by multi-national tenants. "The formation of Intramerica Real Estate Group and this sizable siz·a·ble also size·a·ble adj. Of considerable size; fairly large. siz  a·ble·ness n. acquisition reflects the number of excellent real estate investment opportunities in Mexico and underscores our strong commitment to the market," said Joaquin de Monet, managing director for the Mexico region with GE Commercial Finance Real Estate. "We look forward to working with the Arguelles family and AIG Global Real Estate to realize maximum value for both the joint venture and our tenants." FINSA Group is the largest full-service industrial real estate developer in Mexico. AIG Global Real Estate Investment Corp. is part of AIG Global Real Estate. GE Commercial Finance Real Estate has been an active player in the commercial real estate market in Mexico since 1994. With this most recent acquisition, the company's portfolio in Mexico consists of $2.5 billion in assets. |
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