GenX Capital Pulls Back From Mexico Development Plan

MIAMI, December 1, 2018 (Newswire.com) - GenX Capital Partners announced 2 weeks ago their intention to acquire a significant beachfront parcel in Isla Aguada, a sleepy fishing village in Campeche, Mexico only to discover prior to closing that they were misled on the timing of permits and approvals. Managing Director, Mark McClure, stated that upon receiving this information, the firm has tabled the project until such time as this situation is remedied.

“It's unfortunate. The contract was negotiated, signed and monies were set to be wired only to get a fortuitous tip from another buyer in the master development that approvals were far from a sure thing and quite a ways away from occurring in the near future. Upon hearing this information we have pulled back from investing in this region until such time is this situation is taken care,” McClure said.

Source: GenX Capital Partners