Thor has gone to the Mexican Stock Exchanage to raise up to $400 million to fund lifestyle retail centers and mixed-use projects in key cities in Mexico.
The company announced that it has successfully completed an application to place a Capital Development Certificate (CDK) at the Mexican Stock Exchange (BMV) for its South American affiliate, Thor Urbana.
CKDs are a form of trustee market certificates for placement among institutional investors that are designed to foster investment in real estate projects in the Mexican market.
“We will use these funds to continue developing innovative projects that change the panorama of our cities. Our goal is to add value in every aspect for those communities where our projects are located, thus creating real centers to socialize as well as experienced-filled spaces,” stated the company. Thor Urbana is expecting this segment will have strong growth in the near future, since users are demanding malls that are more than just shopping destinations, but also unique social spaces that become a key element of their city.
One of Thor Urbana’s main differentiators is that 50 percent of their spaces are reserved for public areas, and more than 30 percent of their leasing areas are dedicated to food and entertainment.
Thor Urbana has created a robust platform in only five years, with a long-term investment totaling more than US $1.4 billion — encompassing 14 projects and more than 10.75 million square feet being developed around the country.
It currently has more than 3.2 million square feet leased in premier quality commercial projects in the most important cities and tourist destinations in Mexico. In addition, it has more than 500 hotel rooms and over 650 residences on sale.
The company’s projects are located in Mexico City, Guadalajara, Playa del Carmen, San Luis Potosí, Torreón, Mérida, Estado de México, Los Cabos and Belize.