Thor Urbana raises MX$5bn for Mexican real estate investments
Property development and investment firm Thor Urbana has raised MX$5bn (€218m) for commercial property investments in Mexico, with half coming via the local stock exchange and the rest from international investors.
Thor Urbana, a partner company of Thor Equities, said it raised MX$2.5bn of the capital on the Mexican Stock Exchange through a Capital Development Certificate (CKD) to finance real estate projects in the country this year.
It said it would add to this financing with an additional MX$2.5bn of capital from international investors, which the firm said were continuing to invest in the growing real estate market in Mexico.
CKDs are a type of trustee market certificate created to encourage institutional investment in Mexican property projects.
The company said last March that it was aiming to raise up to US$400m (€324m) for a Mexican real estate strategy.
Thor Urbana said it would focus on buying, developing, repositioning and operating commercial, hotel, and mixed-use projects located in major cities and tourist destinations. Examples include Calle Corazon in Playa del Carmen and The Ritz-Carlton in Mexico City.
Joseph Sitt, chairman of Thor Urbana, said: “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.”
The CKD funds are to come from Mexican pension funds (Afores) supporting the firm’s strategy, Thor Urbana said.