Printer Friendly

Cushman & Wakefield aids Mexican portfolio sale.

Cushman & Wakefield announced the sale of mortgage loan portfolios originated by five Mexican banks under the auspices of the Instituto para la Proteccion al Ahorro Bancario (Institute for the Protection of Bank Savings, or "IPAB.")

"Cushman & Wakefield is pleased to have acted as financial advisor in such a high profile international assignment," said Cushman & Wakefield Executive Vice President, International Operations John B. Coppedge III.

Banca Serfin, Banca Cremi, Banco Obrero, Banco Oriente and Banco Union sold the portfolio. The aggregate unpaid principal balance of the sale was approximately $526 million, and average gross sale proceeds exceeded 28% of the principal amount.

The winning bidders of the five mortgage loan pools were Mexican and U.S. based entities Solida, Asesoria y Servicios Corporativos, S.A. de C.V.; Servicios Corporativos Serfin, S.A. de C.V.; Operadora Auritec, S.A. de C.V. (two pools); and Lone Star U.S. Acquisitions, LLC.

Cushman & Wakefield, the global real estate services firm, served as financial advisor to IPAB throughout the sale process. Cushman & Wakefield subcontracted a portion of this financial advisory assignment to Wall Street Realty Capital, an investment banking firm based in New York City. Other subcontractors included the local firms Operadora IBCE, ASISA, and Inmobiliara Java.

Mario Navarro and Dean Shulman, of Cushman & Wakefield Mexico; were responsible for managing the sale process.

"The extraordinary commitment, competence and cooperation of personnel from IPAB and the banks making the sale were critical to the success of this mortgage loan sale," said Victor Lachica, President of Cushman & Wakefield Mexico.

Cushman & Wakefield believes the exceptional results of this sale corroborate the international investment community's strong and growing confidence regarding investment in Mexico. As other planned transactions take place with anticipated and increasingly positive results, the health of the Mexican banking system is expected to continue to improve. The government of Mexico has indicated it is committed to this outcome.

IPAB was created by the Mexican legislature in January 1999. Its principal objectives are to establish a system for the protection of bank savings, conclude the recovery process of banking institutions, and the administration and sale of assets in IPAB's charge.
COPYRIGHT 2001 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jan 17, 2001
Previous Article:Authority allies with MBOC.
Next Article:In 2001, foreign real estate investors to focus on 4 U.S. cities.

Related Articles
Cushman & Wakefield celebrates 75 years.
Cushman & Wakefield Worldwide established.
C&W, Healey & Baker announce merger.
Cushman named top brokerage.
Cush & Wake takes over TAG.
Wachovia tabs CushWake for its real estate needs.
C&W enhancing multi-family services.
C&W wins excellance award. (Transcripts).
Ready for the competition.
Cushman & Wakefield celebrating 90 years in real estate.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters