MEXICO CITY--(BUSINESS WIRE)--GRUPO GICSA, S.A.B. de C.V. ("GICSA" or "the Company") [BMV:GICSA], a Mexican leading company specialized in the development, investment, commercialization and operation of shopping malls, corporate offices, industrial buildings and mixed use properties, announced that yesterday the Board of Directors approved the formalization of the restructuring of the joint portfolio with various investors who are involved in some of the Company’s developments of the real estate portfolio, following on what was announced by the Company through a relevant event on March 15, 2018.
Additional information derived from these agreements is available to investors on the Company’s website www.gicsa.com.mx, on the Investor Relations section > Relevant Events.
Furthermore, these agreements contemplate the payment of real estate services provided to several projects for which the Company charged Ps. 282 million and will receive an additional payment of Ps. 846 million in the next 3 semesters, in addition to 34% of co-ownership rights of a land for a residential development in Guadalajara, Jalisco.
Grupo GICSA S.A.B. de C.V. reiterates its commitment to continue working for the benefit of its shareholders, clients and employees.
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. As of March 31, 2018, the Company owned 15 income-generating properties 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) 772,161 square meters, and a Proportional GLA of 470,114 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 judgement 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.