Erez Cohen is Co-Founder and Co-CEO of Urbium GDI, a real estate investment platform focused on the Mexican industrial sector, and the author of Real Estate Titans. Throughout his career, he has been involved in more than $5 billion in real estate transactions in Mexico, the United States, and Brazil.
He started in investment banking in New York on the sell side, moved across to the buy side in private equity at Carlyle, and then made the harder crossing from analysing deals to owning them. He worked on some of the first REIT structures in Mexico, ran investment as Chief Investment Officer at Thor Urbana, and in 2018 co-founded his own platform.
Most of this conversation is about Mexico, and not the headline version. Where the capital actually comes from, what the politics do to a development timeline, how you underwrite security risk city by city, and why he concluded seven years ago that industrial would beat every other asset class in the country.
He does not romanticise that last step. When you advise, your job is to spot the risks for someone else. When you own the asset, your job is to decide which of those risks are worth taking, hire the people who will execute, and carry the outcome yourself. He calls the path hellish, says entrepreneurship is not for everyone, and reflects that the humility it forces on you is exactly the point.
We discuss:
– What changes in your head when you stop advising on risk and start choosing which risks to take with your own capital
– Why he redefined success from working at a great firm to owning something, and what that cost him
– The Sam Zell story that explains Mexican industrial: an 8 cap in Dallas, a 13 cap across the border in Monterrey, the same tenant in both, and dollar financing at nearly the same rate
– Why 2010 and 2011 were the turning point, when REITs and the Mexican pension funds finally gave managers an answer to the question every LP asks second: how do I exit
– The two very different Mexican industrial theses, peso-denominated logistics in the centre versus dollar-denominated manufacturing on the northern border
– How he prices political and security risk city by city, and what he tells investors who read Mexico as one uniform market
– Where the next decade of Latin American real estate sits, and why liquidity decides which countries are investable at all
Whether you sit on the buy side, the sell side, or somewhere in between, this is a detailed look at how an emerging market gets institutionalised, and what it takes to build a platform inside one.
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