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PERSPECTIVAS 2015Since its arrival in Mexico, PREIchose to stay, and from that momentto this date it has built up a portfoliothat includes over 34 million squarefeet of industrial property andshopping centers.“La operación de los 3 segmentos endonde participamos nos permite tener unavisión clara de lo que ocurre en el mercado yen el portafolio, además es una fuente constantede generación de oportunidades. Elportafolio con el que contamos es una granfuente de información y la complementamoscon nuestra experiencia global”, puntualiza.Además, Rodríguez comenta las ventajasque tiene México sobre Brasil dondelos costos del mercado industrial y rentasde oficinas cuestan lo doble. “Tenemos unavisión de largo plazo y el criterio que utilizamoscon nuestros clientes es ayudarlos aque incorporen estándares internacionalesde control. Esta es una buena forma de tenerun socio”.Munk enfatiza la importancia de tenerlos socios correctos: “los socios son como elmatrimonio con el que hay que convivir enlos buenos y en los malos tiempos”.Respecto a la competencia creciente enel mercado de capitales y de las FIBRAS, losdirectivos ven con optimismo el desarrollo yevolución de los instrumentos de inversióny señalan como principales retos el tener ungobierno corporativo, reglas de operación yla consolidación de estos nuevos instrumentosde inversión.Finalmente, trabajar de la mano con sociosen desarrollar un criterio común de inversiónes la llave para tener relaciones deinversión en el largo plazo.“Para elegir un socio vemos sus capacidadesy su ética, que cumplan con los tiemposde los proyectos y que conozcan puntualmenteel segmento donde operan”.Después de todo, la cultura corporativay la perspicacia al invertir son los factoresque determinan el éxito de las inversiones.After participating for 10 years in the Mexicanreal estate market, the winds thatblow for Prudential Real Estate Investorsin the coming years are certainly better.PREI has had an officein Mexico City forover 10 years, but hasrecently opened andmoved to a new locationwithin the city’sfinancial district.Since its arrival in Mexico, when Brazil took astance on the stage of institutional investors, thisglobal firm chose to stay, and from that momentto this date it has built up a portfolio that includesover 34 million square feet of industrial propertyand shopping centers.Transferring global experience based on adeep historic analysis of financial fundamentals,and long-term understanding of real estate cycles,has been the formula for success, accordingto Eric Adler, CEO of the company, Alfonso Munk,Americas chief investment officer, and EzequielRodríguez, head of Mexico.As a whole, just as in Mexico, it has madeit possible to generate the yields their investorsexpect, including in emerging markets where riskopens the doors to better returns.PREI has had an office in Mexico City for over10 years, but has recently opened and moved toa new location within the city’s financial district.Eric Adler regards its local presence as one reasonwhy they may be able to meet the demands ofinstitutional investors seeking to enter emergingmarkets such as Mexico.“Today we are one of the largest internationalreal estate investment managers in the regionand we created this platform to meet the specificneeds of global real estate investors that seekexposure to Latin America”, he explains.During 2014, the Latin American office operatedwith 50 investment professionals who managePREI’s Mexican real estate portfolio, withgross assets under management totaling $4.1billionCurrently, PREI operates as an investmentfund manager with global gross assets of approximately$60 billion, and provides service to institutionalclients that invest in the sector acrossthe Americas, Europe and Asia Pacific.In Europe, the firm has assets under managementof approximately $10 billion dollars thatallows it to operate in 7 countries, even thoughtheir main activity lies on Germany, France, andthe United Kingdom.Adler is convinced of the impact their operationshave in new countries. “Our experience hasbeen operating in mature markets where thereare stabilized buildings and where investors focuson the size of returns, but new opportunitiesin emerging markets with higher risks, but alsowith higher returns, continue to appear,” he explains.Regarding Mexico, Adler recognizes thetalent of the local team with which it was decidedto bet locally, when other players in theindustry invested in Brazil.Although other markets have not been ruledout, PREI’s intentions are to remain in Mexicowhere there are still growth possibilities. “InMexico, we have people who understand themarket. We have built a great business and arehappy because in spite of the wide range of productsthat we offer globally, we believe the countryhas attractive investment opportunities whencompared to London or New York”.PREI has a global research team that putspieces together to analyze the political situation,economic climate, and the cycle of a specificmarket. Therefore, explains Adler, “we want tohave appropriate resources to help our investorsunderstand the highs and lows of even developedmarkets”.Alfonso Munk, Americas chief investmentofficer, acknowledges the wide growth opportunitiesin sectors such as housing, home leasing,and the industrial market.“Mexico and Brazil combined, represent 60%of the population in Latin America, but they arevery different in economic aspects and in the realestate cycles they live. Mexico is in a better position,due to different reasons, and among them,the reforms”.Besides, he points out, PREI does not compareitself with global players, not domestically.“For the local operation, the market that hasmore exposure is the industrial one, however theneeds and habits of consumers are opening opportunitiesin other segments, such as residentialand home leasing.”.In this sense, Ezequiel Rodríguez, head ofMexico adds that opportunities take shape whenlocal experience makes better market interactionpossible.“Our investment activities in the three sectorsin which we have participated – industrial,residential and retail – allow us to really gaininsight into the region overall which also providesa constant source of opportunity development.Our portfolio of assets provides us with agreat source of information, and to complementit through transferring global experience,” hepoints out.In addition, Rodríguez comments on Mexico’sadvantages compared to Brazil, where costs ofthe industrial market and office leasing doubletheir value. “We have a long-term vision and thecriteria we use with our clients is helping themto incorporate the standards with which internationalcontrol systems operate. This is a goodway to partner”.Munk emphasizes the importance of goodpartners: “partners are like a marriage withwhich you have to live through good and badtimes”.Regarding the growing competition of theFibras and the real estate capital markets inMexico, the team is optimistic with respect tothe growth and evolution of these investment vehiclesand point at the corporate governance, operations,and the potential consolidation of thesecompanies, as fundamental challenges.Lastly, working together with its partnersand developing a common investment criteria isthe key for developing investment relationshipsin the long run.“In order to choose a partner, we take intoaccount their capabilities and ethics, whetherthey can meet deadlines, and know well the realestate segment where they operate”.After all, corporate culture and investmentacumen are the key factors that determine thesuccess of investments.•78www.inmobiliare.com