Tall & Urban News

First Tower in Mexico City’s Mitikah Project to Open in 2019

Mitikah
Mitikah
08 March 2019 | Mexico City, Mexico

The first office tower of the Mítikah project will enter into operation this year. Real estate investment firm, Fibra Uno will execute capital investments between 8,000 and 10,000 million pesos (US$410–513 million) in its development portfolio and in the Mítikah mega-project.

Gonzalo Robina, Deputy General Manager of Fibra Uno, explained that he currently does not have a portfolio of potential acquisitions in sight, as in previous years, so investments will be concentrated on projects that are already under development in Mítikah, and a couple of pending developments to be purchased as part of the Turbo portfolio.

“We are not seeing the concrete purchase of another 100,000 or 500,000 square meters, so we are waiting for the market to present us with opportunities,” he explained.

Fibra Uno’s development portfolio has seven projects with 538,761 square meters of rentable area, and has pending investments of 5,862 million pesos (US$301 million). Part of that amount will be executed throughout the year. Similarly, Robina explained that 2019 will be one of the most intensive years in capital investment in the Mítikah project, developed in conjunction with the Helios development vehicle.

This year, the first office tower of the project will enter into operation, while the shopping center is still underway. In the apartment tower, 520 of the 660 total units have been sold, Robina said. The apartments being sold now are double the price, per square meter, that they commanded three years ago.

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