(MEXICO CITY) – Hines, the international real estate firm, announced today the sale of City Center Bosque Esmeralda, a 318,353-square-foot shopping center located in the metropolitan area of Mexico City to FibraShop. Financials on the deal were not disclosed. Savills marketed the property on behalf of Hines.
Designed by KA Architecture of Cincinnati, the four-level, open-air center features more than 90 restaurants and retailers, along with common areas and amenities unique to the market. With numerous restaurants overlooking the central plaza, the center enjoys sweeping views of the surrounding area. Anchored by Comercial Mexicana and High Fitness Center, it also features La Europea, Tok’s and a Kash entertainment center.
“Bosque Esmeralda marks the most recent property that Hines Mexico has brought from concept and construction through leasing and disposition,” commented Senior Managing Director of Hines, Palmer Letzerich. “We are thrilled with the opportunity to transact with a firm such as FibraShop and feel that the quality of City Center Bosque Esmeralda presented a good match for the buyer’s portfolio, which is focused on high quality retail centers around the country.”
FibraShop is a Mexican real estate investment trust created to acquire, develop and operate a wide range of shopping malls in Mexico. FibraShop is the first REIT in Mexico, specializing exclusively in retail centers with a focus on the upper middle and middle class consumer. The REIT’s main objective is to provide attractive risk adjusted returns to long-term holders, through stable cash distributions and the appreciation of their real estate. The FibraShop portfolio is composed of 14 high quality commercial centers, strategically located in 12 States of Mexico and the Distrito Federal. These shopping centers combine more than 381,088.77 square meters of rentable area in three different formats, Super Regional, Regional and City Center. The portfolio is distinguished by the quality of its tenants which include brands highly recognized in the local and international market.
Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries. Hines has $84.9 billion of assets under management, including $42.7 billion for which Hines provides fiduciary investment management services, and $42.2 billion for which Hines provides third-party property-level services. In 2014, Hines completed over $8 billion in transactions on behalf of its investment management clients. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired more than 1,000 properties, totaling over 339 million square feet. The firm’s current property and asset management portfolio includes 511 properties, representing over 176 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
Savills is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions, and remains the industry leader. Today, supported by high quality market research and in-depth analysis, Savills provides real estate solutions to organizations across all industries. Our professionals are tenacious client advocates that provide innovative, strategic advisory services that support the client’s business objectives. The firm’s comprehensive commercial real estate platform includes office brokerage, project management, capital markets, consulting and corporate services.
As part of London-headquartered Savills plc, the premier global real estate service provider, Savills Studley has access to more than 27,000 professionals and over 600 locations around the world.
City Center Bosque Esmeralda