Two former Citigroup Inc. executives have established a new firm based in Miami to assist single-family offices in real estate investments spanning the US-Mexico border.
Heading White Bridge Capital are Tommy Campbell and Regina Garcia Handal, leveraging their extensive experience in private banking and commercial real estate to serve affluent families.
Their venture aims to guide Latin American single-family offices in establishing real estate investment entities while persuading US-based counterparts of the advantageous returns in engaging with the burgeoning nearshoring phenomenon in Mexican manufacturing hubs.
“Family offices desire control but lack an in-house team with on-ground execution capabilities,” Campbell explained. “Hence, we’re bridging that gap by establishing a presence in the US and Mexico through strategic partnerships.”
Since its launch in the latter half of 2023, White Bridge oversees nearly $400 million in capital, with plans for substantial growth this year and an anticipated team expansion to about ten members from the current four.
Strategic collaborations with Agave Holdings, the family office of the billionaire Beckmann family renowned for Mexico’s Becle SAB de CV, and credit firm Vertix Group, facilitate White Bridge’s operations.
Agave, with a 15-year track record, boasts a real estate portfolio encompassing over 4 million square feet, predominantly in South Florida, serving as a model for other entities, according to Campbell. Vertix aids in financing clients and facilitating developer connections.
Campbell, hailing from Uruguay and residing in Miami, held various roles at Citi for 16 years, including leading private banking in Mexico. Garcia, based in Mexico City, managed commercial real estate for Latin America at Citi and previously worked at Credit Suisse and Blackstone Inc.
As investment offices gain prominence globally, they serve as significant sources of capital for diverse portfolios, while South Florida emerges as a preferred destination for Latin American wealth, especially amid an election year.
The Brickell neighborhood of Miami.Photographer: Eva Marie Uzcategui/Bloomberg
According to Campbell and Garcia, this year’s elections in the US and Mexico are poised to yield investment prospects. They anticipate increased backing in Mexico to tackle infrastructure challenges and foresee continued enhancement of ties between the US and Mexico amid heightened rivalry with China.
“Mexico has become the leading supplier of goods to the US, surpassing China. This presents a distinctive opportunity for new investors to engage and thrive in this market,” Garcia remarked.
Regina Garcia HandalSource: White Bridge Capital
White Bridge has initiated several early transactions, including Mexican families investing in industrial warehouses in Dallas and a Central American family committing $70 million to multifamily developments in Texas and Florida.
While office spaces remain appealing in South Florida, they caution against ventures in markets like San Francisco, Chicago, and New York due to high vacancy rates. They anticipate continued growth in industrial real estate and have recently onboarded a senior development partner in Dallas to facilitate deals in Texas.
The prevailing environment of elevated interest rates presents an opportunity for family offices to step in while institutional investors focus on refinancing and managing existing investments, as noted by Campbell.
“The current macroeconomic conditions in the US offer a unique window for first-time investors,” Campbell remarked. “It’s an opportune time for large family offices seeking substantial investments to enter the market with less competition.”