Pulte Homes sells Mexico operations
Pulte Homes has sold its Mexico home-building business to a group of investors in a move toward curtailing its international operations to focus more on the U.S. market, the home builder said today.
The group of investors is led by affiliates of Walton Street Capital, a Chicago based real estate investment company, and advised by Banc of America Securities and Hipotecaria Su Casita, Mexico’s largest independent Sofol. Financial terms of the transaction were not released.
“As previously announced, we have been evaluating long-term strategic alternatives with regard to all of Pulte’s international operations,” said Roger A. Cregg, executive vice president and chief financial officer. “With the sale of our Mexico home-building operation, we have effectively exited our international business allowing us to focus all our resources toward further expanding Pulte’s share of the U.S. housing market.”
Ira Schulman, principal of Walton Street Capital, said the developing Mexican economy and Pulte’s already established home building business will position the group to become a leader in the country’s market for new homes.
More: inman.com
Pulte Homes Sells Mexico Operations
Pulte Homes, Inc., based in Bloomfield Hills, Mich., has sold its Mexico homebuilding operation to a group of investors led by affiliates of Walton Street Capital, a Chicago based real estate investment company, and advised by Banc of America Securities and Hipotecaria Su Casita, Mexico’s largest independent Sofol.
Pulte Mexico, which began operations in 1994, was on track to deliver more than 7, 000 homes in 2005. As a result of this transaction, Pulte’s Mexico homebuilding operation will be reported as Discontinued Operations effective with the Company’s fourth quarter 2005 financial results.
Soure: home.nestor.minsk.by
Pulte sells Mexico operations to investment firm
Home builder Pulte Homes Inc.(PHM.N: Quote, Profile, Research) on Tuesday said it sold its Mexico home-building operation to investors led by affiliates of Walton Street Capital, allowing the company to focus on its U.S. expansion.
Pulte, the No. 2 U.S. home builder, did not release financial terms of the deal.
"As previously announced, we have been evaluating long-term strategic alternatives with regard to all of Pulte's international operations," Roger Cregg, Pulte chief financial officer, said in a statement. "With the sale of our Mexico home-building operation, we have effectively exited our international business allowing us to
Pulte sells Mexico operations to investment firm
Home builder Pulte Homes Inc.(PHM.N: Quote, Profile, Research) on Tuesday said it sold its Mexico home-building operation to investors led by affiliates of Walton Street Capital, allowing the company to focus on its U.S. expansion.
Pulte, the No. 2 U.S. home builder, did not release financial terms of the deal.
"As previously announced, we have been evaluating long-term strategic alternatives with regard to all of Pulte's international operations," Roger Cregg, Pulte chief financial officer, said in a statement. "With the sale of our Mexico home-building operation, we have effectively exited our international business allowing us
Dana Corp. dissolves joint venture in Mexico
Dana Corp. announced plans to acquire full ownership of several operations based in Mexico, following the dissolution of its joint venture with DESC S.A. de C.V., known as Spicer S.A. de C.V.
Dana will assume 100 percent ownership of operations that make and assemble axles and driveshafts, as well as forging and foundry operations in which the company now holds an indirect 49-percent interest.
DESC, in turn, will assume full ownership of the transmission and aftermarket gasket operations in which it now holds a 51-percent interest.
The transactions are expected to close in the first quarter of
Vinci sells stake in Mexico's SETA airport operator for nearly 38 mln usd
Vinci said it has sold its holding in Mexican airport operator SETA to Mexico's ICA for just under 38 mln usd, completing the French company's withdrawal from the country's airport sector.
SETA operated 13 airports in North and central Mexico, including Monterrey airport.
In April 2004, Vinci sold the indirect holding it had in the airports of southern Mexico for around 30 mln usd.
Soure: forbes.com
Mexicos Urbi sells $150 mln in 10-yr bonds
Mexican homebuilder Urbi (URBI.MX: Quote, Profile, Research) on Monday said it has placed $150 million in 10-year senior bonds in the U.S. market.
Urbi, one of Mexicos largest house construction firms, said it planned to use proceeds from the 8.5 percent, 2016 maturing bond to refinance debt and fund other corporate activities.
The bonds, offered to institutional investors in the United States and other countries, have been rated BB by Standard and Poors and Fitch ratings and BA3 by Moodys.
More: today.reuters.com
Americans Can Now Finance Homes in Mexico
For the first time in history, Americans can finance homes or condos in Mexico with an American mortgage company.
Expatriate home buyers in Mexico are not just retirees. Many Americans are retiring to Mexico, but many more are in their 50's, seeking a less stressful lifestyle.
Americans are buying homes and condos in record numbers, paying cash or exorbitant interest rates for short-term loans. Now that mortgage financing is available, 1st American Mortgage of McLean VA, can help more Americans realize their dream of living in Mexico.
“This is one of the biggest changes in
In Mexico, Mayan homes still flooded, crops ruined
While Mexico sweats to repair storm damage to Cancun's luxury hotels and beaches, Maya Indians nearby have been left to fend for themselves as a lake of floodwater the color of black tea swallows their homes.
A rickety raised path built over the putrid water from old wood and cinder blocks is the only way in and out of the tiny farming hamlet of Naranjal, deep in the tropical forest inland from Cancun, since Hurricane Wilma tore through last month.
A dozen homes are flooded, some to thigh level, and the debris-filled lake
Mexico Sells Warrants to Swap $2.5 Billion of Bonds
Mexico sold securities that allow investors to swap about $2.5 billion of the nation's dollar- denominated bonds for peso debt next year, a person familiar with the offering said.
Investors paid $65 million for warrants that can be turned in along with Mexican dollar bonds that mature between 2007 and 2033 in exchange for peso securities due in 2011, 2014 and 2024, the person said.
The sale is part of a government effort to shift more of its financing to the domestic market, helping reduce its vulnerability to declines in the
Shell, BP evacuate Gulf of Mexico workers due to Hurricane Katrina
Royal Dutch Shell PLC and BP PLC have evacuated workers from their platforms in the Gulf of Mexico as Hurricane Katrina heads towards the area.
Shell, in a statement, said it will evacuate around 120 non-essential staff from the eastern part of its Gulf operations as a 'precaution'.
A BP spokesman said it will also evacuate a still undetermined number of workers.
Both companies said the move will not affect their Gulf production.
Katrina came ashore in Florida on Thursday, killing at least three people and leaving about 1.5 mln
