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$1 Billion in Real Estate Planned in Mexico by Related International, Division of The Related Group.

Largest Condo Developer in United States Looks to Latin America for Urbanization Projects

MIAMI -- The Related Group, the largest builder of luxury condominiums in the United States, announced today it will invest more than $1 billion in Mexico real estate over the next two years. To drive these efforts, the company has formed a new subsidiary, Related International, dedicated to urbanizing areas in which they develop.

Related International has first set its sights on Puerto Vallarta to develop ICON Vallarta, a luxury condominium situated on five acres of oceanfront with exclusive beach access, and located just minutes from downtown.

Related International plans to erect upscale condominiums and hotels in other tourist locations in Mexico, including Acapulco, Cabo San Lucas, Playa del Carmen and Zihuatanejo. Beyond Mexico, the company is researching Costa Rica, Panama, Colombia, Argentina and Uruguay.

"We're excited to bring our style of development to Latin America," said Jorge M. Perez, CEO of the Related Group. "This is not a cookie cutter, throw it up and run venture. We'll embrace the Latin American culture and develop truly urban landmarks that center upon the arts, history and beauty of the area."

Just as they did in the U.S., Related International will partner with the best architects, designers and artists to create residential developments built for the way people live today - with functional living spaces and exceptional amenities.

"We're looking for the gems of Latin America where we can embrace the natural environment and help create a more attractive area through urbanization," added Roberto S. Rocha, president of Related International.

Construction on the $200 million ICON Vallarta will begin in mid-2007 and includes 343 condominiums ranging from $200,000 to $1 million, a cost value not typically found in the United States or other areas of the world. For the design of ICON Vallarta, Related has chosen the renowned work of Yoo by Philippe Starck in conjunction with the award-winning architectural firm, Arquitectonica, known for innovative contemporary architecture.

Founded by Chairman and CEO Jorge M. Perez, The Related Group has earned a reputation in the United States for its visionary design and development of luxury condominiums, mixed-use centers and multi-family properties. Since its inception, the privately-held company has built and managed more than 55,000 condominium and apartment residences in major markets throughout Florida.

About The Related Group

Established in 1979, The Related Group is the leading builder of luxury condominiums and the leading developer of multi-family residences in the United States. The company is ranked as the largest Hispanic-owned business in the United States according to Hispanic Business Magazine, with a current development portfolio valued in excess of $10.7 billion, and reported sales of more than $3.2 billion in 2005. For more than a quarter of a century, The Related Group has created innovative residential developments that have dramatically changed South Florida's urban landscape. In addition to its core business of real estate development, the company operates its own real estate financing, sales and property management subsidiaries. For more information on Related International or The Related Group, contact Jeneissy Azcuy at 305-460-9900 ext 430 or jazcuy@relatedgroup.com. Visit www.relatedgroup.com.
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Publication:Business Wire
Date:Feb 12, 2007
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