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Iberdrola Inmobiliaria invests in Mexico

Iberdrola Inmobiliaria is undertaking its first project outside Spain with a €43.12 million investment in Mexico. The Iberdrola Group subsidiary has purchased 35% of the Laguna del Mar holiday home development in the town of Puerto Peñasco, in Mexico's Sonora state on the eastern shore of the Gulf of California. It includes homes, hotels, and a golf course.

The 3,354,461-sqm site has a net building capacity of 1,363,242 sqm. The project calls for the construction of 236 single-family homes, 4,536 high-rise apartments, two hotel complexes, and an 18-hole golf course designed by Jack Nicklaus, leaving a reserve building capacity of 506,431 sqm.

Iberdrola's 35% share in the development represents a gross area of 1,174,061 m², and a net building capacity of 477,134 sqm, or 83 freestanding homes and 1,588 apartments, as well as a share in the hotels, the reserve building capacity, and rights to the golf course.

Located 80 km south of the United States border and 10 km from the airport, the development is inside a nature reserve on the shoreline of the Gulf of California (Sea of Cortez), which is already very popular with holidaymakers from the United States and Canada.

It represented Iberdrola Inmobiliaria's first operation on foreign soil, in keeping with the unit's 2007-2011 strategic plan that was approved last October, and which calls for foreign investments of some €300 million.

Iberdrola Inmobiliaria operates throughout Spain and boasts a varied product portfolio that includes principal residences, holiday homes, offices, industrial premises, and shopping centres. In 2006 it posted net earnings of €110.3 million, up 14.8% for the year, on sales of €411.03 million.

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