MEXICO CITY--(BUSINESS WIRE)--Prudential Real Estate Investors has formed a new 10-year joint venture with Corporacion GEO, S.A.B. de C.V., to invest in land and develop megaprojects that will create urbanized land for real estate developers of all sizes. GEO is among the largest construction companies in Mexico focused on low-income housing and community development. PREI(R) is the real estate investment management business of Prudential Financial, Inc. (NYSE: PRU) The joint venture, with PREI acting on behalf of institutional investors, seeks to provide for the necessary investment in infrastructure, urbanization, equipment and peripheral services required to develop sustainable megaproject communities. "We are delighted to expand our relationship with GEO, one of our key partners in the region," said Roberto Ordorica, managing director of PREI-Latin America. "This relationship is an important part of our commitment to the Mexican real estate market. It also gives our investors the opportunity to play an important role in ensuring land for megaprojects development through and investment that provides the potential for medium and long-term success." "GEO maintains an unwavering vision of developing high-quality self-sustaining communities," said Luis Orvañanos, chairman and chief executive officer of Corporación GEO. "The important partnership between GEO and PREI has been critical in achieving this goal. Further, this new structure guarantees an investment horizon of at least 10 years to develop GEO's large-scale Megaprojects and DUIS (Integral Sustainable Urban Development) initiatives. We have delivered more than 25,000 houses in Zumpango, Mexico, to date and will continue to work hand in hand with urban planning of key areas, to foster orderly and sustainable community growth."
