The Associated Press August 24, 2010, 6:28PM ET

Fund for real estate in Mexico raises $293.3M

A fund geared to buying industrial real estate in Mexico has raised $293.3 million from investors, Prudential Real Estate Investors said Tuesday.

The closed-end, publicly traded fund, dubbed PRUMEX Industrial III, will invest in developing industrial sites, acquire portfolios or individual properties with a focus on tenants that distribute or manufacture goods to Mexican or U.S. consumers, the company said.

The fund is Prudential's first offering to Mexico's Afores, a system of private pension funds with more than 30 million members.

Prudential Real Estate Investors is the real estate investment management arm of Prudential Financial Inc.

Shares in Prudential Financial fell $1.33 to close Monday at $50.61.

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