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Singapore state investor Temasek Holdings has agreed to enter a joint venture with Impulsora Mexicana de Desarrollos Inmobiliarios (IMDI) to seek investment opportunities in Mexico’s real estate sector.
The two partners will commit $200 million to the joint venture, which will be formally launched in the third quarter of this year, Temasek said in a statement on Tuesday.
The partners will evaluate opportunities arising from the demand for affordable planned housing as Mexico’s middle-income population grows, the Singapore investor said.
Temasek, which has a $134 billion portfolio of investments, mostly in Asia, has said in the past it sees potential in Latin America. It established an office in Mexico in 2008 under former Barclays banker Lorenzo Gonzalez Bosco.