Real Estate
Banamex extends low rate loans to small builders
Sentido Comun - Banco Nacional de Mexico, or Banamex said it will offer a loan package with lower interest rates to small and medium construction companies after establishing a partnership with the Mexican Chamber of the Construction Industry.
Fibra Uno acquiring properties, including a Hilton hotel
Sentido Comun - Fibra Uno, a real estate trust, maintained its pace of acquisitions in recent months, including a binding agreement to purchase 3.796 billion pesos ($298.9 million) for a portfolio of 10 properties, including a Hilton in Mexico City.
Homex fails to make bond interest payment
Reuters - Mexican homebuilder Homex said it failed to make an interest payment due on $250 million of its U.S. dollar-denominated debt. The company said it has a 30-day grace period in which to pay the interest on the notes, which expire Dec. 11, 2019.
www.reuters.com/article/2013/06/11/mexico-homex-idUSL2N0EN1R020130611
Terrafina to buy Kimco properties for $600 million
Reuters - Mexican real estate investment trust Terrafina has agreed to pay $600 million to acquire a Mexican property portfolio of more than 80 properties from U.S. Kimco Realty Corp and its partner American Industries.
www.reuters.com/article/2013/05/23/kimcorealty-idUSL3N0E43L220130523
Hotel investment collapses except for Riviera Maya
The Yucatan Times - Hotel investment in Mexico has fallen 19 percent due to the financial crisis. Excluding the Riviera Maya, the rest of the tourist destinations have been unable to recover. The decline began in 2009, especially in the Pacific region.
Bankruptcies loom large over Mexican homebuilders
Reuters - Struggling with slowing home sales and a lack of liquidity, Mexico's top three homebuilders - Homex, Geo and Urbi - might have to seek bankruptcy protection if they fail to reach an agreement with creditors in the short term.
Deutsche Bank sues Urbi over loan
Reuters - Deutsche Bank has filed suit against Mexican homebuilder Urbi seeking $61 million plus interest and expenses after Urbi failed to make loan payments, according to court documents.
www.reuters.com/article/2013/05/09/us-mexico-urbi-deutschebank-idUSBRE9480Y920130509
Geo shares rise on expectations of creditor deal
Reuters - Shares of Mexico's Corporacion Geo rose on Monday on expectations the country's biggest homebuilder could reach an agreement with its local debt holders. The homebuilder's stock rose 10.4 percent to 5.9 pesos per share.
www.reuters.com/article/2013/05/06/mexico-geo-shares-idUSL2N0DN15520130506
Holiday Express opens hotel in Veracruz
Travel Blackboard - IHG (InterContinental Hotels Group and Grupo Hotelero Latinoamérica announce the opening of the Holiday Inn Express® Veracruz Boca del Rio. This is the sixth IHG-branded hotel in this region.
Guadalajara housing project goes solar
UPI - A housing project in Guadalajara is going solar with help from Mississippi's Solar America Corp., an innovator in the cost-saving technology. The Los Conejos housing project is under construction in Tonola, a suburb of Guadalajara.
www.upi.com/Science_News/Technology/2013/02/25/Mexico-housing-project-goes-solar/UPI-68101361828166/
