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PREI-Latin America raises more than $290 million for Mexican industrial strategy

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^{Published in Business and Finance on Tuesday, August 24th 2010 at 13:15 GMT by Market Wire}  

MEXICO CITY--([ BUSINESS WIRE ])--Prudential Real Estate Investors announced today that qualified investors have invested $US 293.3 million (3,695 million pesos) in PRUMEX Industrial III, a fund created to invest in industrial real estate throughout Mexico. PREI® is the real estate investment and advisory business of Prudential Financial (NYSE: PRU).

"This fund provides Mexicoa™s Afores and other major qualified investors with an opportunity to make direct real estate investments in Mexico."

PRUMEX Industrial III, a closed-end publicly traded commingled fund, is looking to invest the capital by developing industrial sites or by acquiring industrial portfolios or individual properties, with a focus on tenants that distribute and/or manufactured goods to Mexican or American consumers. Consistent with PREIa™s strategy to form strong local partners, the fund will also explore joint venture partnerships that could provide a pipeline of transactions.

aWe believe there is an important unsatisfied demand for quality industrial space from both manufacturers and distributors in Mexico,a said Maite Igareda, chief operating officer of PREI-Latin America. aThis fund provides Mexicoa™s Afores and other major qualified investors with an opportunity to make direct real estate investments in Mexico.a

PRUMEX Industrial III is PREIa™s first offering to Mexicoa™s Afores, a system of private pension funds with more than 30 million participants. aAfores have long invested in bonds and traditional equities, but are beginning to invest in real estate thanks to regulatory changes that allow a range of investment options,a said Ruy Halffter, executive director of BBVA Bancomer, placement agent for the fund.

PREI has been investing on behalf of investors in Latin America since 2000. The company manages funds specializing in industrial, residential, and retail properties in Mexico, Argentina and Chile, and has transactions teams in Mexico, Brazil, Chile and the U.S. PREI has more than 100 associates operating through three offices in Mexico City, Rio de Janeiro and Miami, with gross assets under management in Latin America of over $2.7 billion and net asset value over $1.7 billion as of March 31, 2010.

PREI is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, Asia, and Latin America. Headquartered in Parsippany, N.J., PREI has offices in Atlanta, Chicago, New York, San Francisco, Miami, London, Lisbon, Madrid, Munich, Paris, Luxembourg, Istanbul, Singapore, Mexico City, Rio de Janeiro, Hong Kong, Beijing and Tokyo. As of March 31, 2010, PREI managed about $43.8 billion in gross real estate assets ($22.8 billion net) on behalf of more than 490 clients worldwide and ranks among the largest real estate investment managers. For more information, please visit [ http://www.prei.com ]

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $690 billion of assets under management as of June 30, 2010, has operations in the United States, Asia, Europe, and Latin America. Prudentiala™s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudentiala™s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit [ http://www.news.prudential.com/ ]