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Banco Santander To Build 42-Story Tower In Monterrey, Mexico

MEXICO CITY -(Dow Jones)- Spanish banking group Banco Santander (STD) said Monday it plans to invest $110 million to build a new office tower in Mexico's northern industrial hub of Monterrey, aiming to finish the project by the end of 2013. Monterrey, Mexico's third-largest city with 3.7 million inhabitants, has recently been in the spotlight of Mexico's bloody war between rival drug gangs, prompting many wealthy Mexicans and foreigners to leave. The city is home to a number of Mexico's largest corporations, including global cement giant Cemex (CX, CEMEX.MX) and retail and beverage conglomerate Femsa (FMX). Santander said in a press release that its new tower will be close to 200 meters high, with 42 stories, "making it the highest, most modern and most efficient office building in the north of the country, and becoming an icon for the city of Monterrey." The bank's real estate subsidiary, Santander Global Property, will be in charge of renting out the tower's 50,300 square meters of office space and its 1,000-square-meter commercial area. Santander said it plans to occupy 6,000 square meters of the building, where it will concentrate about 350 employees from Mexico's northeastern region. "This is the first project of Santander Global Property of Mexico, and it marks the beginning of a series of big, new, world-class real estate developments that will be carried out soon in the country," Santander said. Construction of Santander's tower is expected to begin in the first half of 2011. The U.S. architecture firm Pelli Clarke Pelli Architects, which designed Malaysia's Petronas Towers and New York's World Financial Center, has been contracted for the project. -By Paul Kiernan, Dow Jones Newswires; (5255)5980-5178, paul.kiernan@dowjones.com

Stock News for Cemex (CX)
DateTimeHeadline
05/19/201618:00:00CEMEX Expands Reach of Its Social Strategy to at Least 15 Million...
05/09/201621:45:00CEMEX Announces Early Tender Results for Certain Senior Secured...
05/05/201608:08:00Corporate Social Responsibility Related News Releases and Story...
05/04/201606:30:00CEMEX Creates Fire and Explosion Proof Concrete
05/02/201612:50:00Cemex to Sell U.S Assets to Grupo Cementos de Chihuahua for $400...
05/02/201606:30:00CEMEX to Divest Certain Assets in the U.S.
04/28/201617:15:00CEMEX Announces Subscription Issue Price of New CPOs
04/28/201606:30:00CEMEX Reaffirms Its Commitment to Contribute to a Low-Carbon...
04/25/201623:45:00CEMEX Announces Tender Offer for Floating Rate Senior Secured...
04/22/201620:16:00CEMEX Files Annual Report on Form 20-F for Fiscal Year 2015
04/21/201606:15:00CEMEX Reports First-Quarter 2016 Results
03/11/201617:15:00CEMEX to Host Its Annual CEMEX Day on March 17, 2016
03/10/201622:05:00CEMEX Subsidiary Presents Application to Philippine Authorities...
03/10/201618:51:00ADRs End Mixed; Oi Declines
03/10/201606:30:00CEMEX Announces Divestment of Its Operations in Bangladesh and...
03/09/201622:30:00CEMEX Announces Pricing of U.S.$1.0 Billion in Senior Secured...
03/09/201608:14:00CEMEX Announces Offering of Senior Secured Notes
03/07/201618:36:00ADRs End Mostly Lower; Mining Firms Rise
03/07/201606:30:00CEMEX Obtains Required Consents to Amend Its Credit Agreement
02/04/201606:15:00CEMEX Reports Fourth-Quarter and Full-Year 2015 Results

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