Mexico. Grupo Gicsa, a Mexican construction company and administrator of shopping centers, corporate offices and industrial buildings, announced that it plans to develop in partnership with several investors a new shopping center and two outlets in Mexico City. The estimated investment for the development of these three properties is close to 4,000 million Mexican pesos, about US$232 million.
Mario Martín, CEO of Luxe Administración, a subsidiary of Gicsa that operates the properties, said that "we are interested in adding value to our investors and we consider that this announcement is very much in line with our goal of developing properties located in the best areas of the city and creating spaces that are attractive to our commercial clients."
The mall will bear the name of Paseo Coapa and will have 80,000 square meters of profitable area. For its part, the outlets will be mixed-use buildings that will include offices, residential area and commercial space.
