Hines fund sells Mexico portfolio
The Mexico City office of Hines, the international real estate firm, has sold a portfolio of five industrial assets and one retail centre to Fibra Uno, a Mexico-based real estate investment trust.
Financials on the deal have not been disclosed.
The Mexico City office of Savills represented Hines in the transaction, while Fibra Uno was self-represented.
The 100 per cent leased industrial portfolio consists of five assets with an NRA of 119,133 square metres (1.3m square feet). Two of the properties are located in Guadalajara, one in Irapuato, one in Aguascalientes and one in San Luis Potosi. Hines developed the portfolio in 2009, and the predominantly international tenant base is comprised of a mix of light manufacturing and logistics operations.
The 98 per cent leased retail centre, CityCenter Merida, is a 26,264 square metre, open-air shopping/entertainment centre in Merida, on the Yucatán Peninsula. The property contains more than 60 shops and restaurants, including a Walmart Supercenter, La Europea gourmet specialty store, a Cinemark XD cinema complex, in addition to a host of the city's most popular bars and restaurants.
"Hines is proud of the quality of the assets we have developed, and we view this sale as another example of the firm's strength as both a developer, and a shrewd investor in institutional -grade real estate across Mexico," says Hines senior managing director Palmer Letzerich. "We have confidence in Mexico's growth potential, evidenced by the strong returns generated by this portfolio. We also view this transaction as a harbinger of the increasingly positive real estate investment market here as well as our team's ability to successfully execute south of the border."
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