Thor Urbana Capital, a joint venture between New York-based real estate developer Thor Equities and Mexico City-based real estate developer and operator GFA, has launched four retail and mixed-use projects in high-growth markets across Mexico. The four projects, which encompass more than three million square feet of new leasable area, will represent a total combined investment of more than $700 million, which will be funded by capital from foreign institutional investors.
The firm is expected to begin developing The Landmark Guadalajara, a mixed-use project that will include luxury retail, Class A office space and 160 residences in Guadalajara, Jalisco this year. Additionally, Thor Urbana is about to start construction on three lifestyle centers, two of which, Town Square Metepec and The Park Lomas Verdes, will be located in the Mexico City metropolitan area, while the third one, The Harbor Merida, will be situated in Merida, Yucatan. All four projects are scheduled to be completed in 2017.
Thor Urbana, which was formed in 2012, is focused on the acquisition, development and repositioning of multiple real estate properties in Mexico, including lifestyle centers, luxury hotels, and mixed-use projects located in the country's main cities and top tourist destinations. The firm is currently developing over seven million square feet in markets such as Mexico City, Guadalajara, Playa del Carmen, Merida, Metepec, and Los Cabos. Later this year, the company is slated to open Calle Corazon, a retail and hotel project in Playa del Carmen, as well as reopen Altavista 147, a luxury retail project in southern Mexico City.
Founded in 1998, Thor Equities has amassed a $5 billion portfolio totaling more than 15 million square feet of retail, office, hotel and residential properties in the US, Europe and Latin America. Through its Thor Urban Property Funds, the company has raised more than $1 billion in committed capital from pension plans, investment banks, university endowments, foundations and others to invest in urban markets around the world.