{"id":1004083518,"date":"2013-09-13T06:45:43","date_gmt":"2013-09-13T14:45:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004083518"},"modified":"2022-12-08T17:46:28","modified_gmt":"2022-12-09T01:46:28","slug":"macquarie-reit-acquires-double-retail-center-in-mexico-city-for-153m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/macquarie-reit-acquires-double-retail-center-in-mexico-city-for-153m\/","title":{"rendered":"Macquarie REIT Acquires Double Retail Center in Mexico City for $153M"},"content":{"rendered":"<p><i>By Alex Girda, Associate Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/09\/tecamac-power-center.jpeg\"><img decoding=\"async\" data-attachment-id=\"1004083522\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/macquarie-reit-acquires-double-retail-center-in-mexico-city-for-153m\/tecamac-power-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/09\/tecamac-power-center.jpeg\" data-orig-size=\"585,313\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"tecamac power center\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/09\/tecamac-power-center.jpeg?w=585\" loading=\"lazy\" class=\"alignleft size-medium wp-image-1004083522\" alt=\"tecamac power center\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/09\/tecamac-power-center.jpeg\" width=\"300\" height=\"160\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/09\/tecamac-power-center.jpeg 585w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/09\/tecamac-power-center.jpeg?resize=300,161 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>The Macquarie Mexican REIT has recently made a move into the Mexico City retail market. The real estate investment firm has agreed to purchase two commercial properties in the capital\u2019s metropolitan area. The amount paid by the investor to the selling entities, both of which are controlled by Fodo Comercial Mexicano stands at 2 billion Pesos, or about $153 million.<\/p>\n<p>The two retail properties involved in the transaction are the Tecamac Power Center and Coacalco Power Center. The two properties will expand the REIT\u2019s portfolio by 1.4 million square feet. At the time of the transaction, Tecamac and Coacalco had an average occupancy rate of approximately 98.7 percent. According to projections by Macquarie, the new properties will add around $12.7 million of net operating income, and the transaction could be funded via existing capital. However, MMREIT has chosen to fund a part of the purchase fee through a new asset level debt facility that according to a press statement, it is under negotiation. A separate fund level facility is also currently being taken into consideration, and will be used to finance any related VAT on the transaction.<\/p>\n<p>CEO of the Macquarie Mexican Real Estate Investment Trust, Jaime Lara said the acquisition is part of the company\u2019s \u201cstrategy of building a national retail platform, adding two properties that are located in the strongest retail market in Mexico with excellent long term fundamentals.\u201d<\/p>\n<p>The company recently acquired another retail and office portfolio in the Mexico City metro area, as well as a 15-property industrial portfolio. Once the transactions close, at the beginning of the fourth quarter of 2013, the MMREIT will include 267 industrial, retail and office properties totaling 31 million square feet of gross leasable area.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Macquarie Mexican REIT has made a move into the Mexico City retail market with the purchase of two commercial properties in the capital\u2019s metropolitan area for $153 million.<\/p>\n","protected":false},"author":237,"featured_media":1004083522,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21783,21742,21749],"tags":[],"class_list":["post-1004083518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","category-investment","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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