U.S. industrial real estate developer AMB Property Corporation (AMB) said Monday it has launched a Mexican fund, which raised 3.3 billion pesos ($262 million) through the sale of equity-linked structured notes on the local bourse last week.

AMB Mexico Fondo Logistico plans to build a portfolio of industrial properties through acquisitions and new projects that will be leased to Mexican and multinational corporations, AMB said in a press release.

AMB said it will contribute 20% of AMB Mexico Fondo Logistico's total equity, or $65 million, at full deployment.

Since entering Mexico eight years ago, AMB has developed and acquired about 9.8 million square feet of property.

"We remain committed to this market and believe that industrial real estate in Mexico will translate to significant opportunities for AMB," said Eugene F. Reilly, AMB president of the Americas.

Local brokerages Acciones y Valores Banamex Casa de Bolsa, a unit of Citigroup Inc. (C) subsidiary Banamex, and Actinver Casa de Bolsa represented AMB as structuring and placement agents in connection with the offering, which attracted significant demand from local pension funds.

-By Ken Parks, Dow Jones Newswires; 52-55-5980-5177; ken.parks@dowjones.com
Amb Properties (NYSE:AMB)
Historical Stock Chart
From Jul 2024 to Aug 2024 Click Here for more Amb Properties Charts.
Amb Properties (NYSE:AMB)
Historical Stock Chart
From Aug 2023 to Aug 2024 Click Here for more Amb Properties Charts.