MEXICO - US-based real estate developer AMB Property Corp. said it raised $260m primarily from Mexican pension plans, known as AFORES, for an industrial real estate fund, the AMB Mexico Fondo Logistico.
"The first of its kind industrial venture for Mexican pension plans, this fund's investment strategy is to develop, own, operate and manage properties mainly within AMB's local target markets," said AMB in a release.
The fund will be used to build a portfolio of industrial properties to be leased to Mexican and multinational corporations, AMB said.
The MXN3.3bn fund was oversubscribed. AMB will put up 20% of the total equity.
"We remain committed to this market and believe that industrial real estate in Mexico will translate to significant opportunities for AMB," said Eugene Reilly, president, Americas. "Since entering Mexico eight years ago, we have developed and acquired approximately 9.8 million square feet in or near the country's major population centers. We are confident that domestic investors will benefit from the unique perspective of a global company with ready access to local expertise."
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