SAN FRANCISCO, Dec. 7, 2021 – PGIM Real Estate has provided more than $169 million in fixed rate financing across three industrial portfolios located in Mexico on behalf of its core lending strategy. The transactions provided $84.5 million to Corporate Properties of the Americas (CPA) to supplement two existing loans and $84.79 million to Advance Real Estate to finance the acquisition of eight industrial assets.
PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
Transaction details include:
- Advance Real Estate – Nearly $85 million in fixed rate financing to Advance Real Estate for the acquisition of eight industrial assets located in Tijuana and Ciudad Juarez, Mexico; the portfolio consists of eight warehouse, distribution and light manufacturing properties totaling 1.78 million square feet.
- CPA Mexico Portfolio – A $50 million fixed rate supplemental loan for an industrial portfolio which consists of 39 warehouse, distribution and light manufacturing properties totaling 9 million square feet located in Monterrey, Tijuana, Mexico City, and Guadalajara, Mexico.
- CPA Bell Portfolio – A $34.5 million fixed rate loan for the financing of a five-property industrial portfolio consisting of warehouse, distribution and light manufacturing facilities totaling 660,000 square feet located in Mexico City, Tijuana, and Hermosillo, Mexico.
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