Mexico City, August 30, 2007 – Intramerica Real Estate Group, a subsidiary of GE Real Estate, announced today the acquisition of a portfolio of industrial parks in Mexico from Intermex. The portfolio includes 5 million square-feet of industrial space and will be added to the portfolio managed by Intramerica Industrial Properties Chihuahua, a subsidiary of Intramerica Real Estate Group.
Intramerica Real Estate Group is a leading real estate investor and operator, acquiring real estate investments either directly or with joint venture partners. The company currently owns and operates nearly 200 properties in 19 cities in Mexico, representing more than 17 million square feet.
"This acquisition reflects the number of excellent real estate investment opportunities in Mexico and underscores our strong commitment to the market,” commented Diego Semper, Managing Director of Intramerica Real Estate Group. “This purchase enables Intramerica to increase its real estate portfolio in the local market with nine new locations. It also helps boost our overall position as a leading operator of industrial real estate in Mexico."
Guillermo Medrano, Managing Director of Intermex added, “The sale of this portfolio is congruent with Intermex’s business strategy of developing and selling real estate. Intermex looks forward to expanding its relationship with GE in the near future, which spans more than 10 years.”
Intermex is a leading developer and service supplier in industrial real estate in Mexico.
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About GE Real Estate
GE Real Estate (
www.gerealestate.com) is one of the world's premier commercial real estate companies with more than US$62 billion in assets and a presence in 32 countries throughout North America, Europe, Asia, and Australia/New Zealand. Backed by GE's AAA rating, GE Real Estate offers a comprehensive range of capital and investment solutions including equity capital for acquisition or development, as well as fixed and floating rate mortgages for new acquisitions or re-capitalizations of commercial real estate. With a 28% compound annual growth rate since 1993, GE Real Estate is one of the world's fastest growing and most profitable real estate enterprises. This extraordinary record of success grows out of a reputation for collaboration and partnership; a depth of knowledge and experience and a history of building relationships, finding opportunities and opening doors for more than 5,000 owners, builders, borrowers and brokers worldwide.
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