Tue, 13/02/2018 - 09:29
Thor Urbana, a real estate development and investment company in Mexico, has raised MXN2.5 billion (approximately USD130 million) on the Mexican Stock Exchange (BMV) through a Capital Development Certificate (CKD) to finance real estate projects in the country this year.
The company will complement this financing with an additional MXN2.5 billion from international investors who are continuing to invest in the growing real estate market in Mexico.
Thor Urbana´s investment strategy behind the CKD will focus on developing, acquiring, repositioning and operating commercial, hotel, and mixed-use projects located in major cities and tourist destinations in Mexico such as Calle Corazon in Playa del Carmen and The Ritz-Carlton in Mexico City.
The CKD funds will come from Mexican pension funds (AFORE’s), which support Thor Urbana’s strategy to develop premier assets that will change the way retail and entertainment is experienced in cities where the firm operates.
“We will use the new capital raised to continue developing innovative projects that will change the outlook and future of our cities. Our goal is to add value in every aspect of the communities where our projects are located, creating social hubs and spaces that provide a range of experiences,” says Co-CEO Jaime Fasja. “The opportunity to continue raising funds from institutional investors helps position Thor Urbana as one of the leading fund managers and real estate developers in Mexico and Latin America.”
“Our long term vision and deep commitment, paired with solid economic fundamentals in Mexico, will continue driving progress and growth opportunities, create new jobs, and improve people´s quality of life through vibrant social hubs and dynamic common spaces for Mexican families,” says Co-CEO Jimmy Arakanji.
Thor Urbana, a partner company of global real estate leader Thor Equities, has created a solid and innovative platform with a long-term vision. Over the past six years, it has invested more than USD1.5 billion in large-scale real estate projects in the main cities and tourist destinations in the country.
“We continue to believe strongly in the performance of retail centres and mixed-use projects in key urban markets throughout Mexico and Latin America, particularly emerging areas where we see an opportunity for significant long-term growth,” says Joseph Sitt, Chairman of Thor Urbana.
By the middle of 2018, Thor Urbana will have inaugurated a number of large-scale assets in premier urban locations and tourist destinations including The Harbor Mérida, Town Square Metepec, and The Landmark Guadalajara.
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