Panama International Merchandise Mart Secures Financing
The Panama International Merchandise Mart - PIMM and Mexico's BIICSA sign funding agreement to develop the world's largest wholesale mart in Panama. Approximate value is $US1 Billion.
PR9.NET March 12, 2008 - Panama City, Panama - The Panama International Merchandise Mart S. A. – PIMM (www.pimm.com) has signed a contract for financing and construction of the largest wholesale merchandise center in Latin America with Mexico's Bufete Industrial de Ingeniería y Construcción S.A. de C.V. – BIICSA. PIMM will be developed in Colon Province at a cost of approximately US$1 billion dollars and will include 6,800 showrooms, 4 hotels with a total of 1,000 rooms, an office park and onsite condominiums, among other amenities.
BIICSA is based in Mexico City and is one of Mexico's largest international property development groups, with projects and operations in 10 countries, including the Punta Bandera and the Rosarito Resorts in Baja California, the Legislative Palace in Mexico City and the petrochemical infrastructure for PEMEX (with Kellogg International – KBR). BIICSA has also completed projects in South America and the Caribbean.
"PIMM is our first investment into the infrastructure of Panama," states Duilio Mottura, Director of BIICSA for Central and South America. Mr. Mottura will coordinate all financial and legal strategies with the PIMM executive team.
"To ensure the quality of our project, we have appointed Victor Gutiérrez de Piñeres to our management group," says Reynald Katz, President of PIMM. Mr. Piñeres has proven experience in the wholesale commercial sector worldwide and served as the Vice President of Development for the largest merchandise mart in the world, which is located in the U.S., for 10 years. Among his achievements was the creation and implementation of programs for commercialization and exportation of products to the North American market, which have been adopted by several foreign governments.
"PIMM will have an important socio-economic impact on Panama. During the construction and operations phases, more than 28,000 direct and indirect jobs will be created for the area," continued Katz. "There are very few projects of this scope in Latin America, and I am proud that we can build this in Panama." Katz finished with, "PIMM will benefit the commercial infrastructure of Panama and will be different from the Colon Free Zone since we do not offer warehousing, and we are not considered a free zone."
Further details about the specifics of the agreement were not announced.
For more information about PIMM and showrooms, contact Reynald Katz at email@example.com.
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Bufete Industrial de Ingeniería y Construcción S.A. de C.V. – BIICSA is based in Mexico City and is one of Mexico's largest international property development groups, with projects and operations in 10 countries.
About Panama International Merchandise Mart
PIMM is offering manufacturers, exporters, wholesalers, distributors, sales agents and business people from around the world the chance to rent or buy a permanent showroom in a unique international wholesale mart environment. This mini-city will contain 6,800 showrooms in 34 buildings, a convention center, 10 office blocks, on-site condominium buildings and four hotels, along with complete infrastructure and it is close to the Panama Canal and Colon Free Zone (2nd largest in the world). PIMM construction will begin in 2008 and will be completed in early 2010.
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