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RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Singapore's GIC enters US$300m joint venture to develop and operate apartments in Mexico

They will develop mid- to high-rise buildings in Guadalajara and Monterrey.

Investment firm GIC has entered into a US$300m joint venture with CCLA, a partnership between CIM Group and Compass Group, to develop and operate for-rent multi-family buildings in Guadalajara and Monterrey, Mexico City.

The joint venture will develop mid- to high-rise buildings that will be comprised of approximately 250 to 400 rental units.

“As a long-term value investor, we are attracted by the sustainable risk-adjusted returns of purpose-built apartments. This asset class provides a compelling option for a large and growing population of renters within our target income and geographic segments,” said Lee Kok Sun, chief investment officer of GIC Real Estate, in a press release.

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