ProLogis (Denver), a provider of distribution facilities and services, has acquired more than 3.5 million sq. ft. of industrial space and land in Mexico for $238 million in cash and assumed debt. The acquisition increases the company’s footprint in the country by more than 40%.
“When we launched service in Mexico in 1997, we deliberately focused on northern border markets that serve as distribution and light manufacturing points for products being exported to the United States,” said Jeff Schwartz, CEO of ProLogis. “Over the past several years, however, the Mexican economy has undergone a number of important structural improvements, including currency stabilization and banking reform. These changes are driving economic growth, expansion of the country’s middle class and increased domestic consumption of consumer goods.”
