COMPANY DESCRIPTION
Corporate Properties of the Americas (CPA) is an institutional-quality industrial property operating platform in Mexico. Together with the Black Creek Group, EI led the transformation of a limited-scope development company into one of the leading owners of industrial property in Mexico, known for its superior quality real estate and management. CPA’s disciplined and opportunistic approach to acquisitions and build-to-suit development contributed to its growth and market-leading position. At the time of EI’s exit in September 2005, CPA was the most active developer of industrial property in Mexico and had accumulated a roster of first-class corporate tenants. EI monetized its ownership interest in CPA through a private sale to a major U.S. pension fund in September 2005.

MARKET OVERVIEW
The industrial market in Mexico has experienced significant growth since the implementation of NAFTA in 1994. This dynamic sector continues to be driven by high demand for quality industrial space relative to the limited supply, the continuing scarcity of capital for Mexican property generally and industrial property in particular. The opportunity is compelling for numerous reasons including a limited quantity of large-scale competitors, the majority of which have excess land and limited liquidity; highly fractionalized, mature ownership that is ripe for consolidation; and a vibrant, high growth market encompassing a broad range of multinational tenants and owners.