Temasek - IMDI JV to explore land banking opportunities in Mexico
Mexico City
Temasek Holdings ("Temasek") has reached ans agreement with Impulsora Mexicana de Desarrollos Inmobiliarios ("IMDI") to establish a joint venture (JV) to pursue land banking opportunities in Mexico. Both parties will commit a total of US$200 million to the JV, which will be formally launched in the third quarter of 2010.
The JV will evaluate opportunities arising from the demand for affordable planned housing as Mexico's middle-income population grows.
Mr Lorenzo Gonzalez Bosco, Temasek's Managing Director, Investments, Mexico, said, "Mexico's transforming economy provides opportunities for Temasek to expand its investments in sectors such as real estate. The rising middle-income population also provides a foundation for Mexico's long-term growth."
Mr Benito Bucay, board member of IMDI said "IMDI is very pleased to partner with Temasek, a world-class investor with whom we share similar investment principles and, like us, looks to develop long-term business relationships."
About Temasek Holdings
Incorporated in 1974, Temasek Holdings is an Asia investment company headquartered in Singapore. Supported by 12 affiliates and offices in Asia and Latin America, Temasek owns a diversified S$186 billion portfolio as at 31 March 2010, concentrated principally in Singapore, Asia and the emerging economies.
Temasek's investment themes centre on Transforming Economies, Growing Middle Income Populations, Deepening Comparative Advantages and Emerging Champions. Its portfolio covers a broad spectrum of industries: financial services; telecommunications, media & technology; transportation & industrials; life sciences, consumer & real estate; energy & resources.
Total shareholder return for Temasek since its inception in 1974 has been a healthy 17% compounded annually. It has a corporate credit rating of AAA/Aaa by rating agencies Standard & Poor's and Moody's respectively.
For further information on Temasek, please visit www.temasek.com.sg.
About IMDI
Based in the State of Queretaro, IMDI Impulsora Mexicana de Desarrollos Inmobiliarios) is one of Mexico´s leading and successful developers of raw land. IMDI's portfolio of residential properties under development in Queretaro target the middle and middle to high-income segments and are being built together with commercial, recreational and education properties to support the new communities there.
IMDI strives to create a living environment of the highest quality incorporating the best technologies and emphasizing absolute respect for the environment being developed, focusing on technologies and design concepts that ensure a high level of conservation of land, flora and water resources, creating a sustainable environment.
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Additional Information
For more information on Temasek, please contact:
In Mexico City:
(for Temasek) Francisco Morales
Consultor, De La Calle, Madrazo, Mancera
Tel: +55 1084 2105
Email: fmorales@cmmsc.com.mx
(for IMDI) Benito Bucay
Board Director, IMDI
Tel: +55 5950 2360
Email: bbucay1@serbre.com
In Singapore:
Tan Yong Meng
Director, Corporate Affairs
Tel: +65 6828 6651
Email: yongmeng@temasek.com.sg
Kelvin Ng
Senior Associate, Corporate Affairs
Tel: +65 6828 2423
Email: kelvinng@temasek.com.sg