Temasek, IMDI establish US$ 200m JV for affordable housing in Mexico

Microfinance Focus, July 29, 2010: Singaporean investment company, Temasek Holdings (Temasek) has reached an agreement with Impulsora Mexicana de Desarrollos Inmobiliarios (IMDI) to establish a joint venture (JV) to pursue land banking opportunities in Mexico. Both parties will commit a total of US$200 million to the JV, which will be formally launched in the third quarter of 2010. The JV will evaluate opportunities arising from the demand for affordable planned housing as Mexico’s middle-income population grows.

Mr Lorenzo Gonzalez Bosco, Temasek’s Managing Director, Investments, Mexico, said, “Mexico’s transforming economy provides opportunities for Temasek to expand its investments in sectors such as real estate. The rising middle-income population also provides a foundation for Mexico’s long-term growth.”

Mr Benito Bucay, board member of IMDI said “IMDI is very pleased to partner with Temasek, a world-class investor with whom we share similar investment principles and, like us, looks to develop long-term business relationships.”

Incorporated in 1974, Temasek Holdings is an Asia investment company headquartered in Singapore. Supported by 12 affiliates and offices in Asia and Latin America, Temasek owns a diversified S$186 billion portfolio as at 31 March 2010, concentrated principally in Singapore, Asia and the emerging economies.

Based in the State of Queretaro, IMDI Impulsora Mexicana de Desarrollos Inmobiliarios) is one of Mexico´s leading and successful developers of raw land. IMDI’s portfolio of residential properties under development in Queretaro target the middle and middle to high-income segments and are being built together with commercial, recreational and education properties to support the new communities there.

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