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Blackstone raises its offer for Equity Office to $ 38.3 billion

WASHINGTON, Jan. 25, 2007 (AFP) - An investment fund Blackstone has raised $ 38.3 billion offer to buy its main sponsor and manager of offices in the U.S., Equity Office Properties Trust, said that last Thursday in a statement.
Blackstone and outbid the offer of $ 37.5 billion made ??in mid-January by a consortium of U.S. groups Vornado, Starwood Capital and Walton Street. Blackstone is offering $ 54 per share in cash, valuing the promoter to 38.3 billion dollars, where the rival consortium offered $ 52 payable in cash at 60% and 40% in Vornado action.

The proposal for Vornado, Starwood and Walton Street Capital itself outbidding a first offer valuing Blackstone at about $ 36 billion Equity Office Properties Trust. The rival consortium now until Jan. 31 to make an offer-cons. The total price offers included a debt assumption of about $ 16 billion.

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Real Estate in Mexico still shines

The economic slowdown that crosses the United States (U.S.) and is compounded by the mortgage crisis in that country will not impact the real estate investment in Mexico, where private equity funds invest some U.S. $ 25.000 million over the next four years, estimates valn Sandor .

The fundamentals of the housing industry in Mexico remain positive, in Mexico we do not live the same problems that led to the mortgage crisis in the U.S. (?) I have not seen any plans for any investor who was cut about Housing investment in Mexico, said the president of the Mexican Association of Real Estate and Infrastructure Funds (AMFII).

This type of fund raises funds for pension funds, insurance companies and foundations and invests in projects that require long gestation time, the technical capacity to design and production and skilled labor.

Valn estimated that in Mexico there are currently about 25 such funds in operation, 11 of them are members of the AMFII and in the last four years have invested about U.S. $ 6.000 billion in real estate projects that are expected to generate 1.5 million jobs linked the construction industry.

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The leader said that real estate funds where invested projects ranging from industrial parks, residential projects, hotels, office buildings, shopping centers, to water treatment plants.

Valn noted that some funds have more than a decade of operating in Mexico, but it was just that decided to partner to improve investment conditions in the country and attract more capital.

Who are the real estate funds?

1. Apollo Real Estate Advisors, is one of the private equity funds in the world. Throughout its history, Apollo has created 13 different investment vehicles through which it has invested 7.000 billion in 350 investments with a market capitalization of 30.000 billion. Apollo plans to open a representative office in Mexico in 2008 to address the opportunities in the domestic housing market. Apollo plans to invest 200 million dollars over the next two years in the country in the areas of housing, commercial, industrial and office. This results in direct investment by about $ 400 million, plans to increase resources in keeping with the opportunities that arise in the medium term.

2. Citi Property Investors, is a global real estate investment firm that is part of Citigroup's investments in Mexico for $ 250 million and an investment plan of $ 2.000 million over the next 5 years, mainly in housing, commercial, hotels and industrial.

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3. GE Real Estate Mexico, was established in 1994 and has pioneered the market for real estate in Mexico, having to date a portfolio in Mexico with a value of 4.800 billion consisting of 700 assets in 20 states of Mexico. Only in the period from 2005 to date, GE Real Estate Mexico industrial real estate portfolio acquired by 1.000 billion dollars, creating partnerships with Mexican developers. It will invest 1.200 million dollars in Mexico in 2008, both in financing real estate projects in the industrial branches, hotels, offices and commercial centers in their own capital investment in residential projects, shopping center development in the country and acquisitions of real estate and industrial parks, reaching the figure of 6.000 billion dollars in assets in Mexico in late 2008.

4. ING Lion Mexico Fund: a fund for property investments in Mexico with $ 640 million in committed capital which gives the opportunity to make investments over the next 5 years at 1.300 billion. The fund focuses on opportunities in the commercial area in cities with more than 500.000 inhabitants, industrial properties in the corridor of the maquila, housing in various sectors among others.

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5. Kimco Realty Corporation, is an investment fund specializing in the acquisition and development of shopping centers, with investments in over 1,500 properties in the United States, Mexico, Canada, Puerto Rico and Chile. Kimco listed on the New York Stock Exchange since 1991 and is part of the S & P 500 Index. Kimco participates in the Mexican market since 2002 and currently holds interests in 60 commercial properties and 70 industrial properties on Mexican soil, with an investment to date in excess of U.S. $ 1.250 million in 20 states of Mexico. Kimco plans to continue investing in Mexico at a rate similar to what it has done over the past five years.

6. La Salle Investment Management, has a presence in Mexico since 2004. It currently has $ 460 million invested in our country and more than 180 million in projects under development. For the next five years they expect to have 1.000 million in assets under management mainly in industrial parks, logistics centers, shopping centers, middle and upper housing, offices and hotels.

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7. Mexico Retail Properties, a company focused on investing institutional capital in commercial centers in Mexico, through the development, acquisition and operation of shopping centers. MRP was founded in 2002 by Black Creek Capital, Denver, Colorado. The executive team that manages this date is 100% Mexican company. In late 2003, and by investing in the company, joined the group of shareholders Equity International Properties, the investment group led by Sam Zell. MRP made its first investment in late 2003 and December 31, 2007 has been committed to its portfolio of 17 projects $ 530 million. MRP plans to invest 1.500 billion over the next five years in real estate. Additionally, the executive team of MRP and Black Creek Capital Partners are working on the release of some other real estate investment platform focused on other sectors, 100% in Mexico, estimated to represent more than 3.000 billion investment Over the next 5 years.

8. Mira is a private equity fund which began operations in 2007 with corporate resources globally by about 450 million dollars to invest in real estate development in Mexico, mainly in land development, planned communities, housing and urban infrastructure . This investment translates into assets that can exceed $ 900 million in market capitalization. MIRA is an affiliate of Black Creek Group (BCG), founded in 1991, with a very successful track real estate investment and development. BCG has invested more than 4.700 million dollars and has developed assets with a value greater than 6.300 million dollars.

9. O'Connor Capital Partners, is a privately held real estate investment. In Mexico, O'Connor has investments since the late 90s and with an office since 2000 with an investment portfolio of over 600 million dollars. In Mexico, O'Connor has been involved mainly in housing, industrial, offices and shopping centers. In the next 5 years expected to double the size of its investment portfolio.

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10. Prudential Real Estate Investors, is the business of Prudential Financial dedicated to managing venture capital funds for the housing sector. At September 30, 2007, Prudential managed 40.700 billion of real estate assets in more than 25 countries. Is active in the Mexican real estate sector since 2001. Through three of its programs, industrial, residential and commercial centers, to date, PREI has participated in 215 real estate projects located in 20 states of Mexico, representing a value in real estate assets in excess of 4.000 billion. Expects to double its portfolio over the next 5 years.

11. The Carlyle Group, is one of the largest firms in the world of private capital which manages over U.S. $ 75.600 billion through 55 funds for more than 1,100 investors. The main activities of these funds include real estate investments, acquiring companies and equity investments for growth and development of new businesses. The firm employs over 500 investment professionals in 21 countries. In Mexico, The Carlyle Group has a presence since 2005 and plans to invest in real estate assets valued at $ 300 million over the next 3 years. Walton Street Capital (Walton) is a private equity fund focused on investing in real estate around the world whose resources come from American institutional investors. Walton investing in Mexico for 15 years. Walton has made investments in Mexico by acquiring shares in companies or investments in projects totaling over 550 million dollars in corporate housing, hotels, office buildings, cinemas and shopping malls. In the next 5 years, Walton has an estimated 1.500 billion dollars to invest in real estate projects in Mexico.

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Who are the real estate funds?

The 11 members of the AMFII invested 25.000 million dollars in the next 4 years, the Association estimates that the country has 25 such funds currently operating.

Peralta, from Alma and Footweare to Bosque Real Bionatur
Beyond the crush that lives in the airline industry, Carlos Peralta not grieve much for the future of his company, nor demand that is newly brought Guillermo Heredia, creator of Mesoamerican airlines.

On the latter, recognizing that led to a group that had 9% and there was a pledge to reach up to 16% based on certain targets that were not finally. Heredia came out in May.

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And we told him that the recent capitalization Peralta made a personal capacity following the departure of Heredia. It was for five million dollars, leading him to an inevitable dilution.

Alma has so far received 90 million dollars. Began operations in June 2006 with a capital of 25 million dollars. Then he received credit lines for another 40 million dollars for some banks.

IXE Aim of Enrique Castillo Sanchez Mejorada, Carlos Slim Helu Inbursa, Jorge Silberstein leading UBS and Morgan Stanley led by Felipe Garcia Moreno. The funds came along in 2007.

Peralta is a businessman and as such bet and sometimes lost. Was the case with the International Footware shoe factory, headed by his son Juan Carlos Peralta del Rio. The idea was to position it as the largest in Mexico.

In Pasteje built a complex of 22 thousand square meters which would accommodate 200 thousand workers per shift. Input wanted to make 22 000 pairs of shoes a day. It invested more than $ 25 million.

He had even tied contracts with companies like Nike, KSwiss, Timberland, Wilson, Converse and Ecco. However business succumbed to the fierce footwear smuggling and piracy. Peralta closed and sold computers.

But there are also betting success: 80% of the 300 acres that comprise the first phase of Royal Forest and are sold and 40% of the additional 300 acres that make up the second phase is 40%.

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The project started in 2000 and now live there more than 700 families. Last year paid a private placement of paper for 60 million dollars with which some investors liquidated, including their original partners.

The capital was reconfigured, as Peralta was left with 54% of Bosque Real, while Gaspar Rivera Torres and Pablo Funtanet with 46%. Inbursa, which directs Javier Foncerrada, given a credit line of $ 170 million.

However, the business has resulted in the most attractive is Bionatur, directed by Jorge Martinez. It is tomato production under hydroponic process, which accelerates the ripening and harvesting the product.

Started five years ago with 40 acres and two packing in Pasteje and closed 2007 with 80 hectares and four packing. Last year billed $ 52 million and this year are 80 million.

In 2009 the goal is to reach sales of $ 130 million and harvesting 65 thousand tons. In five years they want to cultivate 200 hectares and achieve a turnover of 400 million dollars.

Approximately 87% of production is sold in the United States. The hydroponic method does not use the land, but the seed germinates via an injection, which favors the stem grows 3.5 cm per day.

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Aeromexico repeats

By the way, Aeromexico, headed by José Luis Barraza, filed yesterday with the Federal Board of Conciliation and Arbitration of collective action of an economic nature against his plant attendants. I mean, the company which runs Andrés Conesa is following the same steps Mexicana Gaston Azcarraga. Aeromexico argues that it is the only way to keep its workforce, in this case 461 thousand attendants, before the increases in jet fuel.

Two by DGAC

Two candidates to succeed sounding Gilberto López Meyer at the Directorate General of Civil Aviation are Erick Mayett and General Victor Manuel Noble. The former director of Aviation Safety is just Aeromexico, and the second was director general of the PGR Air Services in the government of Vicente Fox latter, formed in the military even became pilot of former presidents Carlos Salinas de Gortari and Ernesto Zedillo.

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Giant tie

Now it appears that Gigante, Angel Losada, has already selected the financial agent will assist you in buying 50% of the 169 Office Depot stores in the country that has owned and precisely from its U.S. partner. The operation will amount to 430 million dollars. Among the guests were Jorge Silberstein UBS, Merrill Lynch Alberto Arduini, Manuel Medina Mora Citi and JP Morgan-Chase Eduardo Cepeda.

Walton confirmed

True, the fund Walton Street Capital is led by Sandor Valmer associated with Adolfo Fastlicht and Simon Galante, ICON, to acquire Las Palapas. This is a boutique hotel of about 80 units whose main virtue is adjacent to Fifth Avenue, the most affluent in Playa del Carmen. Paid about $ 20 million and are in talks with the owners of Hotel Shangri-La to merge them and converting them to a brand-name recognition.

Ritz-Carlton will

And those who are practically tied to Ritz-Carlton for the first hotel of this stamp in Guadalajara are the C & C Capital and Mexican Lion Fund, which is the investment arm of ING Real Estate, headed Carlos Muriel. The hotel will have 140 rooms and be in a complex opposite the Guadalajara Country Club. The investment will amount to $ 40 million, of which Hector Cardenas group will provide 23 million and the rest of the Dutch.

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Evaluates Bonafont

Note that there is some resentment of companies like Nestle Juan Carlos Marroquín, who runs Martin Renaud Bonafont and Electropura by Antonio Urdaneta by the rapid proliferation of purified water distribution companies who have no quality or ethics, as some fill from the tap . According to the National Association of Producers and Distributors of Purified Water there are approximately 900 members, but the market there is more 3 000 800.

Dunkin Relaunches

Tomorrow opens the first Dunkin Donuts in Lomas Verdes and peripheral, and a new format that seeks to compete directly with Starbucks, Armando Torrado. Who relaunched the franchise here is Lorenzo Cue, grandson of the legendary Juan Sanchez Navarro, together with a group of investors gathered around the Integral Capital private equity fund. Hector Guzman is the director and tear with an investment of $ 7 million.