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New JV aims to develop $300M of multifamily properties across Mexico

A joint venture between real estate investment firm CIM Group LP and asset manager Compass Group LLC joined forces with Singapore's sovereign wealth fund, GIC Pvt. Ltd., to invest roughly US$300 million in institutional-quality multifamily properties in Mexico.

CCLA, the CIM-Compass joint venture, plans to develop and operate mid- to high-rise buildings that will contain between 250 and 400 rental units each. The venture is targeting Mexico City, Guadalajara and Monterrey among locations.

GIC Real Estate's chief investment officer, Lee Kok Sun, said in a release that GIC expects the asset class in Mexico to track the trajectory of the U.S. multifamily market, given current and expected demographic trends.