Mexican homebuilder Sare plans a MXN1.6bn ($115.9m) sale of non-core assets over the coming two years in a bid to pay off debt and finance ongoing projects. Sare shareholders approved a plan that entails selling MXN800m ($58m) in undeveloped lands and unfinished residential projects in 2012, as well as an additional MXN800m in assets the following year, a Sare investor relations officer tells LatinFinance. “We are selling assets that won’t affect our growth going forward,” the official says. Sare is approaching the sale through several fronts. It will rely on real-estate service firms CB Richard Ellis and Cushman & Wakefield as well as LaSalle Investment Management and a number of local real-estate firms to sell a portion of the assets. Some will also be divested through the banks that hold them as guarantees. Half of the MXN1.6bn raised from the sale will be used to finance ongoing projects with the rest devoted to paying off debt. In the company’s bid to deal with outstanding debt, shareholders also agreed to extend the maturities of MXN2.44bn in debt.