ICM Sells 1.3 Million Square Foot Industrial Portfolio in Mexico

Calgary, Alberta (November 2023) – ICM Asset Management has successfully executed the sale of one of its industrial portfolios in Mexico to a fund managed by PGIM Real Estate Latam, with the advisory of the law firms Creel, García-Cuéllar, Aiza y Enríquez and Greenberg Traurig. The portfolio consists of 7 class A buildings diversified across northern and central Mexico with a total of 1.3 million square feet of GLA.

“This transaction represents a significant milestone for ICM as it closes an investment cycle for the first time in Mexico, demonstrating that even under times marked by market uncertainty, volatility, and high interest rates, ICM can crystalize its investments, delivering attractive returns to our investors” said Oscar Portillo, Director of Investments of ICM Asset Management.

The portfolio was developed with Roca Desarrollos as our local partner. The quality of the construction and its tenant base, together with the strategic diversified locations of the portfolio, enabled ICM to negotiate an attractive sale price. This deal incentivizes us to continue our efforts to invest in industrial projects in Mexico, taking advantage of the benefits that nearshoring brings to the country.