Top headlines and news impacting Latin America and Africa commercial real estate.
Important Headlines
Instead of offering to invest in measures which will actually advance Latin America, the EU has instead signaled it will throw staggering sums of money (EUR 45 billion) at ineffective and unreliable “clean” energy projects in the region.
The retailer first entered Mexico in 2012, and is today present in Peru, Uruguay, Chile, Colombia, Ecuador, Guatemala, Panama, and Costa Rica. Dorben Group is the chosen Brazil partner which is a company that operates luxury retail brands in 8 Latin American countries. Dorben Group also develops retail real estate properties.
Home sales contracted 53.3% the first 6 months of 2023 compared to the same period in 2022. The fall is attributed to rising interest rates, removal of some housing subsidies, and deteriorating economic conditions in Colombia. Mortgage rates are expected to return to “normal” by Q3 of 2024.
Mexico’s third largest grocery retailer, behind Walmart and Soriana, plans to expand its OXXO competitor small-store (i.e., 250 m² or 2,700 ft² GLA) format throughout Mexico bringing the total to 130. The format was launched in 2017 with slow growth to this point. Oxxo has 21,000 stores across Latin America, most of which are in Mexico.
Walton Street Capital acquired the portfolio bringing its total Mexico industrial real estate, developed or acquired, to 48 million ft² (i.e., 4.5 million m²) of GLA across more than 200 projects.
Reader’s Insights (Podcast)
This week we interviewed Nathan Whigham, a credit provider in Latin America focused on lending on data assets, and a CRE capital advisor. During these ~10-minute interviews, we always ask the same three questions:
What is one thing people don't understand correctly about your industry that they should? Why does it matter? [Industry question]
Describe a skill or trait that has aided you throughout your career. How did you discover and foster it, and how has it helped you? [Career question]
How do you stay consistently motivated and hungry to improve yourself and your business? [Philosophy question]
[Click Image to Listen]
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