(Bloomberg) -- Blackstone Inc. joined a bidding war for one of Mexico’s hottest industrial property plays. 

Blackstone Real Estate and MRP Group announced that a Mexican trust formed by their affiliates started an all-cash public tender offer to buy 100% of the shares of TF Administradora Industrial, or Terrafina, at a purchase price of 38.5 pesos ($2.09) per share, according to a statement Monday. 

The purchase price is a 5% premium over Terrafina’s closing share price on June 7. The offer runs through 2 p.m. Mexico City time on July 10, unless extended. 

Industrial real estate has been booming in Mexico as more firms look for space to export to the US. Firms such as Prologis Property Mexico — backed by the world’s biggest industrial real estate investment trust, Prologis Inc. — have made offers for the stock.

“As the only announced all-cash tender offer, this transaction would provide substantial and immediate value for Terrafina’s shareholders and avoids the potential negative tax consequences associated with competing exchange offers,” Blackstone and MRP said in the statement.

Blackstone is a major owner of real estate with its property business managing $339 billion of investor capital. The company has bet on real estate ranging from student housing to warehouses and data centers. Industrial properties have been a “high-conviction theme” for the company. MRP, founded in 2003, helps manage institutional capital in Mexico’s property industry.

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