Home Guanajuato State Real Estate Company declines “La Estrella” transaction in Guanajuato

Real Estate Company declines “La Estrella” transaction in Guanajuato

by sanmigueltimes
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GUANAJUATO, Gto. – JMVA S.A. de C.V. Real Estate company initially won the auction to acquire the property known as ‘La Estrella’, has now declined the 240 million pesos (12 million USD) transaction.

“La Estrella” property is basically a parking lot right next to the headquarters of the Social Security Institute of the State of Guanajuato (Instituto de Seguridad Social del Estado de Guanajuato – “ISSEG”).

On Wednesday November 23rd, the Real Estate company made the following announcement: “in our own interest, it is no longer possible or convenient for us to conclude this acquisition”.

JMVA S.A. de C.V.  declared: “this is a result of the current economic situation in Mexico. The volatility and enormous uncertainty in the global markets after the triumph of Donald Trump in the United States, has reflected in the depreciation of the Mexican peso against the U.S. dollar, and therefore, our company decided to withdraw from this transaction”.


La estrella property (Image: Periódico El Correo)

In that sense, ISSEG pointed out: “We contemplated a protection mechanism within the Bases of the Auction, in order to give certainty and seriousness to the process. Therefore, we have requested JMVA the enforcement of the compliance guarantee, for an amount of $3,630,000 pesos ($182,000 USD). And we will auction the “Estrella” property again during the first quarter of 2017, before the deadline given by the State Congress.


Source: http://periodicocorreo.com.mx

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