NEW YORK—Clarion Partners, has completed the sale of its 50% interest in a portfolio of nine class A Mexican shopping centers totaling 3.17 million square feet to Frisa, the current joint venture partner.
Frisa is a full-service real estate company that provides design, development and management services and holds one of the largest retails portfolios in Mexico.
The portfolio, which is valued at approximately $600 million, is comprised of six fully stabilized and mature assets, which have a total average occupancy of 96.4% and three assets in the lease-up stage with an average occupancy of 77.9%. It includes properties in Mexico City suburbs, Acapulco, Ciudad Madero and Tampico.
“This investment and joint venture relationship affirm the investment rationale with which we initiated our Mexico investment platform in 2006: Projected GDP growth above historical average in a country with an expanding middle class with increasing levels of disposable income should translate into strong retail investment opportunities,” said Onay Payne, director at Clarion Partners. “We believe that rationale holds true today.”
Clarion Partners has been a leading U.S. real estate investment manager for 32 years. Headquartered in New York, the firm has offices in major markets throughout the US, in São Paulo, and London, as well as a presence in Mexico.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
