MEXICO CITY--(BUSINESS WIRE)--GRUPO GICSA, S.A.B. de C.V. ("GICSA" or "the Company") [BMV: GICSA] announced that it has concluded an agreement with an important group of its investors at project level (the “Investors”), with respect to 14 property developments (the “Joint Portfolio”) whereby:
|A.||The corporate agreements and business equity between GICSA and the Investors will remain, as it is as of today, with respect to the property developments that represents the greater share of the Joint Portfolio, besides this, GICSA will renew its long-term management and operational commitments thereof.|
|B.||Eleven developments of the Joint Portfolio will be restructured, then GICSA will have a 100% ownership in seven of them and the Investors will have a 100% ownership of the remaining four developments.|
|C.||All other GICSA's property portfolio remains under its ownership and control, with no change at all.|
|D.||The agreements are subject to the approval of GICSA’s corporate management and the Investors, and the authorization and approvals from the corresponding authorities.|
About the Company
GICSA is a leading company in the development, investment, commercialization and operation of shopping malls, corporate offices and industrial warehouses well known for their high quality standards, which transform and create new development spaces, lifestyles and employment in Mexico, in accordance to its history and executed projects. Founded in 1989 based on an integrated business model, the Company has developed more than 2.7 million square meters of gross leasable area and iconic constructions such as Torre Esmeralda I and II, Arcos Bosques, the HSBC tower and the Isla Shopping Cancun. As of December 31, 2017, the Company owned 15 income-generating properties and 2 in stabilization process, consisting of nine shopping malls, four mixed use projects (which include four shopping malls, four corporate offices and one hotel), and two corporate office buildings, representing a total Gross Leasable Area (GLA) 709,095 square meters, and a Proportional GLA of 438,562 square meters. Since June 2015, GICSA is listed on the Mexican Stock Exchange under the ticker (BMV: GICSA B).
This press release may contain forward-looking statements, and involve risk and uncertainty. The words “estimates”, “anticipates”, “projects”, “plans”, “believes”, “expects”, “seeks” and similar expressions, are intended to identify forward-looking statements. Grupo GICSA warns readers that declarations and/or estimates mentioned in this document, or stated by Grupo GICSA’s management team, are subject to a number of risks and uncertainties that could be in function of various factors that are out of Grupo GICSA’s control. Future expectations reflect Grupo GICSA’s judgment at the date of this document. Grupo GICSA reserves the right or obligation to update information contained in the report or derived from it. Past or present performance is not an indicator of future performance.
Grupo GICSA warns that a significant number of factors may cause actual results to differ materially from estimates, objectives, expectations, and intentions expressed in this report. Neither the Company or any of its subsidiaries, affiliates, directors, executives, agents or employees may be held responsible before third parties (including shareholders) for any investment, decision, or action taken in relation to the information included in this document, or by any special damage or similar that may result.