Temasek goes into property venture in Mexico

SINGAPORE, (July 27, 2010) - Sovereign wealth fund Temasek Holdings has reached an agreement with Impulsora Mexicana de Desarrollos Inmobiliarios ("IMDI") to set up a joint venture (JV) to pursue land banking opportunities in Mexico.

Both parties will commit a total of US$200 million to the venture, which will be formally launched in the third quarter of 2010.

The joint venture will evaluate opportunities arising from the demand for affordable planned housing as Mexico's middle-income population grows.

Mr Lorenzo Gonzalez Bosco, Temasek's Managing Director, Investments, Mexico, said, "Mexico's transforming economy provides opportunities for Temasek to expand its investments in sectors such as real estate. The rising middle-income population also provides a foundation for Mexico's long-term growth."

Mr Benito Bucay, board member of IMDI said “IMDI is very pleased to partner with Temasek, a world-class investor with whom we share similar investment principles and, like us, looks to develop long-term business relationships."