MEXICO CITY-Mexico Real Estate Investments LP, the Industrial Global Solutions offshoot’s first private equity fund, has made a $72 million first closing. The fund, which will invest in single-tenant industrial and office projects preleased to high-credit tenants in requiring facilities in Mexico, will remain open to investors until Feb. 28, 2003 or until it reaches $100 million in capital commitments.

The fund will focus on sale-leaseback, build-to-suit and portfolio acquisition opportunities as well as single-tenant corporate office buildings in growing second-tier cities within Mexico. Participants include individual and institutional investors in Mexico and abroad, including Mexican development bank Nacional Financiera. SAI Consultores, an advisory firm in Mexico City, served as financial and legal advisor to IGS.

IGS was founded in 1997 by Lachlan Elting, former Director of Industrial Real Estate with Colliers International Mexico, and Antonio Ruiz Galindo. The company arranges, develops and invests in real estate projects in Mexico. It also advises clients in all aspects the real estate investment and development process.

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