Prudential Mortgage Capital Co. and MetLife Real Estate Investments have each provided $88.5 million in first mortgage financing for a $177 million package to Prologis Mexico Fondo Logistico, a co-investment venture managed by a subsidiary of San Francisco-based Prologis LP, for a portfolio of industrial buildings in Mexico.
Prologis Mexico Fondo Logistico is a venture with Prologis (20%) and several Mexican pension funds (80%), and was one of the first funds created as part of new legislation that allows Mexican pension funds to invest in Mexican commercial real estate through equities, Prudential says.
The fixed-rate package, which consists of a $103 million, five-year tranche and a $74 million, seven-year tranche, is secured by 28 industrial and warehouse distribution buildings with 5.7 million square feet of usable space. The portfolio includes properties in the markets of Mexico City, Guadalajara and Monterrey, and is well leased to a broad array of multinational and regional tenants.
