Real Estate
Grupo Lar plans to invest 46 percent more this year
Sentido Comun - Grupo Lar, one of the largest real estate groups in Spain, said it plans to invest 476 million pesos ($37.62 million) this year in the Performa y Polaréa real estate projects in Mexico City and the Horizontes Ordaz project in Monterrey, or 46 percent more than it invested in 2009.
AMB property fund to target Mexico's afores
Reuters - San Francisco-based AMB Property Corp., which invests in distribution hubs, expects to soon offer a new commercial real state fund in Mexico that aims to draw investment from the nation's 14 private pension funds, which control $85 billion.
Infonavit housing starts up 44 percent
Dow Jones - Mexico's largest home lender, federal housing fund Infonavit, said Monday that new housing starts rose 44 percent during the first two months of 2010 as the housing industry recovers from last year's slump. New housing starts rose to 69,164 units.
Authorities trying to spur residential construction
Sentido Comun - Mexican authorities are trying to encourage capital investment firms and banks to assume a greater role in construction lending for real estate developers, to avoid a repeat of the housing shortage last year. Demand for 11 million new homes is expected over the next 20 years.
Caja Madrid is trying to sell its stake in Su Casita
Sentido Comun - Caja Madrid is trying to sell its 40 percent stake in Hipotecaria Su Casita, the second largest mortgage broker in Mexico. Caja Madrid's board is reviewing Su Casita's finances and hopes to conclude a sale of its stake in the company after May.
Three firms form new hotel group
Sentido Comun - Nexxus Capital, Mexico's largest private capital fund management company, has joined with tourism related Chartwell Group and Walton Street Capital, a real estate investment firm, to create a new Santa Fe Hotel Group, which will operate four- and five-star hotels under the brands Krystal (beach resorts), Hilton, Hilton Garden Inn and Krystal Express (in urban centers).
Homex fourth quarter profit reaches $65.24 million
Dow Jones - Mexican home builder Desarrolladora Homex said Tuesday its fourth-quarter net profit rose to 841.1 million pesos ($65.24 million) from 5.9 million pesos ($457,700) in the year-ago period as it focused on higher-value homes and collections.
online.wsj.com/article/BT-CO-20100223-718909.html
Urbi posts 6 percent drop in 4th quarter
Reuters - Mexican homebuilder Urbi posted a 6 percent drop in fourth-quarter net profit to 600 million pesos ($46 million) as sales dipped and as financial costs increased. The company said it sold 13,988 homes during the quarter, 13 percent more than in the same quarter in 2008 but at lower prices.
Housing thaw expected to push Geo higher
Bloomberg - Corporacion Geo, the Mexican housing company whose shares more than doubled last year, might rise to a three-year high in 2010 as banks boost mortgage lending and the government backs more loans, Credit Suisse Group says.
With hefty tax bill, ICA initiates legal actions
El Economista - ICA, Mexico's largest construction company, said it will pay an estimated 2.7 billion pesos ($206 million) in taxes over the next five years because of the tax reform passed last year and, therefore, is beginning a series of legal actions.
eleconomista.com.mx/industrias/2010/02/12/reforma-fiscal-le-costara-us206-millones-ica
