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The First Mexican REIT Buys Mexico City Center from Hines

The first Mexican REIT, FibraShop, bought this retail center from Hines.

The first Mexican REIT, FibraShop, bought this retail center from Hines.

MEXICO CITY – Hines has sold its CityCenter Bosque Esmeralda to FibraShop, the first Mexican Real Estate Investment Trust, or REIT.

The 318,353,-square-foot shopping center is located in the metropolitan area of Mexico City. 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 CityCenter Bosque Esmeralda presented a good match for the buyer’s portfolio, which is focused on high quality retail centers around the country.”

The FibraShop REIT was 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 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.

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