Temasek Invests in Mexico Housing

Temasek Holdings, Singapore’s sovereign wealth fund, is planning a joint venture with Impulsora Mexicana de Desarrollos Inmobiliarios (IMDI) to develop housing projects across several Mexican states. “We saw this as an opportunity because the middle class in Mexico continues to grow, so there is the need for housing with master planning,” Lorenzo Gonzalez Bosco, MD for investment in Mexico tells LatinFinance. “We have reached an agreement with the developer and the joint venture will take place by the third quarter of this year,” he adds. The 2 parties will each commit $100m over 3 years. “IMDI is one of the best developers in Mexico with a high level of expertise,” adds Gonzalez. “We will work together on several housing projects starting with buying suitable land, followed by the construction phase, and then selling the developments.” Temasek established offices in Mexico in 2008, after it expressed an interest in investing in LatAm. The office is headed by Gonzalez, who was previously CEO of Barclays in Mexico. Temasek manages a portfolio of 186bn Singapore dollars ($137bn), focused primarily on Asia and Singapore.