Grand Outlet Riviera Maya will open in 2023
Grupo GICSA scheduled the opening of the Grand Outlet Riviera Maya, a project in Quintana Roo, Mexico, for the first half of 2023.
For its construction, on March 11, 2021, the company obtained a loan with Bancomext that expires on June 18, 2036.
As of December 31, 2021, the current debt under this line of credit amounted to 438.6 million pesos and generated interest at an effective weighted average interest rate of TIIE 91 days plus 3 percent.
With more than 33 million visitors and close to 1 million inhabitants, the Riviera Maya is the ideal place for the world’s largest Grand Outlet Malltertainment, which will be the destination where people from different countries can meet to enjoy shopping, food international and an entertainment offer.
The work is located in the Riviera Maya, in an area that is close to the beach and the international airport of Cancun.
This project will be part of the new category developed by GICSA, Malltertainment, which is revolutionizing, according to the company itself, the shopping center industry in the country.
Grand Outlet Riviera Maya
GICSA’s projects under development consolidate the bases for the company’s growth; The two projects under construction, one of which is the Grand Outlet Riviera Maya, are expected to add 82,815 m² of salable area and 58,013 m² of Gross Leasable Area (GLA) to the portfolio.
The rest of the properties in the portfolio continue their regular course, with the execution of the activities and procedures required for the start of construction activities.
GICSA expects these projects to consolidate its growth, with a diversified portfolio of premium quality properties in strategic locations, as well as high occupancy levels, competitive rents and long-term relationships with its clients.
The company estimates that it will continue its main focus solely on Mexico for the development of new projects.
Investments in real estate require high levels of capital to acquire the land, obtain the necessary permits and licenses, as well as to finance the construction, development and ongoing maintenance of the projects.
This fact contributes to real estate investments being generally more speculative, particularly in the case of real estate investments in Mexico, where economic conditions can be more volatile than in the United States and other countries.
