"This commitment is a powerful catalyst, and will enable CPA to grow rapidly through consolidation and become Mexico's leading industrial property company, says CPA president and CEO Raymond E. Flores Jr. "We intend to aggressively pursue corporate sale leasebacks, acquisitions and new development across the country."
Headquartered here, CPA currently has real estate holdings in five key Mexico markets and intends to use its recent windfall to become the country's largest industrial property owner.
"The scale of this investment represents a milestone for Mexico's real estate industry generally, and affirms our belief in the opportunities afforded by the industrial sector in particular," says Gary R. Garrabrant, Chief Executive Officer of Equity International Properties, Ltd. ("EIP"), a privately held company investing in real estate companies outside of the United States and one of CPA's founders.
CPA's predecessor entity, Development Company of the Americas, was founded by Black Capital in 1997, explains James R. Mulvihill, Black Creek's chairman. "Since inception we have been focused on developing a company that combines U.S. quality systems and service with the knowledge and network of superior Mexican professionals."
Black Creek Capital is an investment affiliate of the Denver-based Black Creek group of companies established in 1992, a real estate private equity firm that creates and invests in real estate operating companies. Other companies sponsored by Black Creek Group include Keystone Property Trust and Dividend Capital Trust, a non-traded industrial REIT.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.