KUALA LUMPUR, March 1 (Bernama) -- CCLA and GIC, Singapore's sovereign wealth fund, have entered into an approximately US$300 million 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.
CCLA is a partnership between CIM Group and Compass Group, which is focused on owning, developing and operating real estate in Latin America.
The JV aims to develop a portfolio of mid to high-rise buildings, with each comprising about 250 to 400 rental units and CCLA will develop and operate the buildings.
"Leveraging Compass Group's deep knowledge of the Mexican market for more than 20 years, along with CCLA's growing pipeline of multi-family operating and development projects for the past several years, this collaboration with GIC further strengthens CCLA's strategy in Mexico," said founding partner of Compass Group, Manuel Balbontin.
"CCLA believes that the growth of the middle-class and the cultural shift in favour of city living is rapidly transforming the residential demand in urban centres," added Balbontin.
GIC Real Estate chief investment officer, Lee Kok Sun said as a long-term value investor, GIC was attracted by the sustainable risk-adjusted returns of purpose-built apartments.
"This asset class provides a compelling option for a large and growing population of renters within our target income and geographic segments.
"Given current and expected demographic trends, we believe this asset class in Mexico will follow the same trajectory as in the US," added Lee.
-- BERNAMA
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