Published On: Wed, Mar 8th, 2017

Capital Cuatro acquired “La Estrella property” in public auction

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GUANAJUATO, Gto, – The Mexican company “Capital Cuatro” acquired the property known as “Conjunto La Estrella”, through an auction of 165 million pesos (8.2 million USD). This ground consists of 17,410 square meters (20,822 square yards), and is located next to the headquarters of the Social Security Institute of the State of Guanajuato (Instituto de Seguridad Social del Estado de Guanajuato – “ISSEG”).

It should be noted that during a first public bid, JMVA S.A. de C.V. Real Estate Company initially won the auction to acquire this property. But afterwards, they backed off from this 240 million pesos (12 million USD) transaction.

On this second bid, other real estate firms such as “Luxadurm” and “Desarrollos Nala and Leira”, competed for “La Estrella”,  offering 130 and 131 million pesos respectively (6.5 and 6.55 million USD).

These figures were just below of the offer made by the winner, a firm from Mexico City that bought San Miguel de Allende’s “El Cardo” last year .

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The second process began with a base price of 121 million pesos and ended up in 165 million.

Hector Salgado Banda, ISSEG’s Director General (Instituto de Seguridad Social del Estado de Guanajuato), assured that the 165 million pesos (8.2 million USD) represent a profit of 50 million pesos (2.5 million USD) in interest that will be generated in the next 5 years”.

Salgado Banda concluded: “This sum will go to the Instituto de Seguridad Social del Estado de Guanajuato’s reserve, which right now adds up to 11 billion pesos (563 million USD), and Capital Cuatro will also pay an insurance fee for $3,640,000 pesos, representing 3% of the starting price.

Source: https://www.elsoldeleon.com.mx/

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