October 16, 2017
Houston-based Hines divested a 2.9 million-square-foot portfolio of industrial and logistics properties in Mexico to Grupo IGS. The portfolio was one of the first investments made by a Hines separate account investor. Financials on the deal were not disclosed.
The portfolio consists of 27 properties located in the northern markets of Mexico, including Monterrey, Ciudad Juarez, Matamoros, Reynosa and Torreon. Major tenants in the portfolio include: DalTile, General Electric, Yazaki, Sumitomo and Flextronics.
Hines’ Palmer Letzerich says, “We worked extremely hard on the management and leasing of this portfolio (increased from 73% leased to 90%). This strategic sale marks a significant accomplishment for our investment partner, for Hines, and for our leasing and management teams. We are looking forward to redeploying capital in Mexico and continuing our investment in the logistics sector.”
Savills Studley represented Hines on the disposition.
For comments, questions or concerns, please contact Dennis Kaiser