Mexican logistical real estate firm ProximityParks plans to seek investment its second fund next year and expand into the United States, CEO Mario Berlanga told LatinFinance.
In Mexico, the vertically integrated industrial parks operator aims to raise MXN1.8 billion ($105 million) to MXN2 billion during the first half of the next year for Fund II, Berlanga said in an interview.
The firm said last week it secured MXN3.27 billion for Fund II, which will invest in last-mile logistic assets in Mexico City, Monterrey, and Guadalajara.
The fundraising attracted family offices from seven countries including Mexico, as well as the country’s main pension fund managers, known as Afores, and a US-based global asset manager, Berlanga said, declining the name the firm.
ProximityParks is also looking to raise capital in the US by the end of 2024 to expand its business to the southeast of the country, specifically Miami, said the executive, who is also managing partner and co-founder of the Mexico City-based firm.
REFINANCE LOANS
“It is a market that we want to expand into. We see a lot of interest from the investors we have in Fund I and Fund II of the Mexican platform to also participate in what we are going to do in the United States,” he said.
The firm is also exploring investment opportunities in the states Querétaro, León, Puebla and Tijuana to expand its local footprint, and could also branch into other countries in Latin America, Berlanga said.
All told, ProximityParks plans to invest around MXN8 billion over the next three to four years in order to expand its portfolio to 9 million square feet from the current 3 million square feet, Berlanga said. Some MXN5 billion of the total will come from Fund II and the remainder through refinancing of bank loans.
ProximityParks launched its first fund in 2019, raising a total of MXN2.3 billion. Between 2026 and 2027, the company plans to open a third fund, Berlanga said.