Mexican builder Urbi to invest $460 mln in 2008

MEXICO CITY, Dec 21 (Reuters) - Mexican homebuilder Urbi (URBI.MX) said on Friday it hopes to invest around 5 billion pesos ($460 million) in its operations next year, using cash flow.

Urbi said in a statement the money would be on top of the $280 million it raised by selling new shares in November.

Urbi, which is based in Mexicali in northern Mexico bordering California, did not say how it would invest the money and was not immediately available for comment.

Shares of Urbi rose 3 percent on Mexico's stock exchange on Friday to close at 39.95 pesos.

Mexico is enjoying strong real estate growth, especially in the low income segment, due to increased economic stability that has allowed banks and other lenders to offer mortgages more widely. (Reporting by Adriana Barrera, editing by Richard Chang)