LOS ANGELES & MEXICO & SINGAPORE, March 1 (Bernama-BUSINESS WIRE) -- CCLA, a partnership between CIM Group and Compass Group, which is focused on owning, developing and operating real estate in Latin America, and GIC, Singapore’s sovereign wealth fund, announced today that they have entered into a MX$5.5B (~US$300M) joint venture (“JV”) to develop and operate purpose-built, for-rent multi-family buildings across Mexico’s largest cities including Mexico City, Guadalajara and Monterrey. The JV aims to develop a portfolio of mid to high-rise buildings, with each comprised of approximately 250 to 400 rental units. CCLA will develop and operate the buildings.
“Adding a world-renowned investor of the caliber of GIC advances the continued growth of our presence in Mexico,” said Avi Shemesh, Co-Founder and Principal of CIM Group. “We are seeing tremendous opportunities for an experienced owner and operator like CCLA to bring much needed institutional-quality residential assets and operations to Mexico’s gateway cities as our existing assets have proven.”
“Leveraging Compass Group’s deep knowledge of the Mexican market for more than 20 years, along with CCLA’s growing pipeline of multifamily operating and development projects for the past several years, this collaboration with GIC further strengthens CCLA’s strategy in Mexico,” said Manuel Balbontin, Founding partner of Compass Group. “CCLA believes that the growth of the middle-class and the cultural shift in favor of city-living is rapidly transforming the residential demand in urban centers.”
http://mrem.bernama.com/viewsm.php?idm=31315
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