Finesa completes second acquisition by Diversified International Partners Fund
Finesa Real Estate Group has completed the second acquisition of its USD200m equity fund, Diversified International Partners (DIP).
On 6 December 2012, Finesa closed on the purchase of the Kingsland Medical Center in Katy, Texas. Katy is a rapidly growing suburban market located 20 miles west of downtown Houston. With an improving economy and diverse commercial base, the Houston area offers a positive economic outlook and an unemployment rate that is well below the national average.
The 29,400 square foot building has been well maintained and is currently 100 per cent leased. Located adjacent to the Christus St. Catherine Hospital, tenants include a variety of medical practices and facilities. The I-10 corridor is also nearby providing direct Interstate access to downtown Houston
"This acquisition enhances the fund's portfolio mix adding income and upside," says Andres Gonzalez, president of Finesa. "We are actively seeking investments that protect our downside and this opportunity in the Houston market does so. The fund purchased the asset at a significant discount to replacement cost and at an attractive yield to cost."
DIP is a real estate private equity fund developed for Latin American institutional and qualified high net worth investors. Finesa secured commitments from some of the most prominent pension fund and endowment managers in Latin America. Transwestern Investment Management (TIM) is the exclusive investment manager and, as such, managed the acquisition process. DIP is actively seeking investments in the best markets across the country, focusing on multi-family, retail, office, and industrial/flex properties.