MEXICO CITY - Mexican banks are adopting U.S. bulk sale strategies to sell real estate assets and help solve the liquidity crisis brought on by the peso devaluation.
The Mexican banks, which borrowed from U.S. financial institutions to finance their own real estate lending operations now need to pay back U.S. denominated debt that is 50% more expensive because of the peso's devaluation.
This created a "tremendous opportunity" for investors who understand the local market, said Ronald Johansson, director of the Mexico practice of the Los Angeles accounting firm Kenneth Leventhal & Co.
The first bulk sale has been structured by LaSalle Partners, National Real Estate Clearinghouse Inc., and Leventhal. The group plans a sealed bid auction in mid July of $100 million of Mexican real estate.