Gran Ciudad Develops in Guadalajara

Real estate group Gran Ciudad reported that it plans to invest in the construction of a portfolio of rental housing properties of institutional quality in Guadalajara, Mexico City, Monterrey and Querétaro.

The group obtained 6 billion pesos of capital through a real estate investment vehicle led by Black Creek Mexico; this amount was received from Ivanhoé Cambridge (a global real estate investor of Canadian origin) and Citibanamex Afore, who participated in a vehicle issuing Development Capital Certificates (CKD).

“With this latest round of funding, Gran Ciudad is very well positioned to take advantage of the enormous opportunity offered by the institutional rental housing market in Mexico and to establish itself as a market leader in this nascent industry in the country,” said Alejandro Sánchez Ascencio, president of the Gran Ciudad group.

Meanwhile, Rita-Rose Gagné, president of growth markets at Ivanhoé Cambridge, said, “We are very pleased to be able to contribute to the growth of Gran Ciudad, in conjunction with Citibanamex Afore. This transaction underscores Black Creek’s experience leading the sponsorship of real estate investment platforms in Mexico.”

Gran Ciudad Develops in Guadalajara, Guadalajara Real Estate Guide

“With this latest round of funding, Gran Ciudad is very well positioned to take advantage of the enormous opportunity offered by the institutional rental housing market in Mexico and to establish itself as a market leader in this nascent industry in the country.” —Alejandro Sánchez Ascencio, president of Gran Ciudad.