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Mexico City, November 3, 2016.
IFC, a member of the World Bank Group, granted a credit line of MXN 350 million to VINTE, a housing developer focused on low-medium and residential markets in Mexico, in order to consolidate its financing for the payment of long-term debt and boost the construction of 2,000 homes with the EDGE sustainable certification.
IFC created the EDGE certification (Excellence in Design for Greater Efficiency) to identify sustainable solutions in construction, to increase efficiency in the use of resources, and reduce the impacts on the environment. The first worldwide EDGE certification for housing was given in 2012, to a housing complex built by VINTE in Privada Cresida, located in Fraccionamiento Real Solare, in the state of Querétaro, México.
“IFC has designed products tailored to the financing needs of the company, whose agile implementation has contributed to our strategy of getting financial and functional flexibility, and replicating our business model through the sustainable growth of our operations”, said Domingo Valdés, Chief Financial Officer of VINTE.
The relationship between the two organizations goes back to 2008, when IFC invested MXN 106.5 million to acquire 10% of VINTE's capital stock and in March of the same granted a credit of MXN 135.6 million. Last September, VINTE made its Initial Public Offering (IPO), and IFC decided to sell its equity in the company. With this credit line, granted to five years, IFC accompanies VINTE in this new phase, characterized by its financial consolidation and its commitment to sustainability.
"With this credit line, IFC reaffirms its commitment to promote in Mexico a private sector that is accountable and takes care both of the environment and its community. Sustainable housing is one of our priorities for a green and inclusive growth not only in Mexico, but also in Latin America and the Caribbean”, said Ary Naïm, Country Manager of IFC Mexico.
It is foreseen that by 2020 more than 400 million homes will be built around the globe, and most of them will be developed in emerging markets. In view of such low-and medium housing demand, sustainable development will be key to tackle climate change. IFC provides financing to customers committed to sustainable development and the reduction of energy consumption.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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About VINTE
With more than 13 years of experience, VINTE is a vertically integrated housing developer focused on low-medium-and residential markets in Mexico. It is one of the strongest real estate companies of the country, with low leverage levels, a focus on profitability, cash flow generation, and a sound operating performance. It operates in six states: Estado de México, Querétaro, Hidalgo, Puebla, Quintana Roo, and Nuevo León. As of today, more than 26,000 families live in a VINTE community, whose surplus value has increased year after year thanks to its distinct design, amenities, and after-sales services that promote community life and a better quality of life for its inhabitants. For more information:
www.vinte.com.mx
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