US Real Estate Investor Plans CCD

LaSalle Investment management is preparing a MXP4.2bn ($321m) Certificado de Capital de Desarrollo (CCD) transaction in Mexico’s local market. The US real estate investment specialist is looking to create a fund investing in Mexican real estate assets, including office, commercial, industrial and residential properties, according to regulatory documents. The CCD is to be accompanied by a $15m parallel investment. LaSalle, who has invested more than $600m in Mexico through six previous private vehicles, is targeting a 16%-20% return. The plan includes a 4-year investment horizon, and doesn’t specify an expected total number of years, though CCDs typically have a 10-year maturity. BBVA Bancomer is managing the transaction.