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GICSA board approves joint property portfolio restructuring

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GICSA board approves joint property portfolio restructuring

Grupo Gicsa SA de CV's board approved the formalization of the restructuring of a joint property portfolio.

The move follows an agreement by the Mexican property company in March in relation to 14 property developments and pertains to various investors at project level who are involved in some of the company's portfolio development.

The agreements with the investors contemplate the payment of real estate services provided to several projects for which GICSA charged 282 million Mexican pesos and will receive an additional payment of 846 million pesos in the future, in addition to 34% of co-ownership rights of a land for a residential development in Guadalajara in Mexico's Jalisco state.

As of July 2, US$1 was equivalent to 20.19 Mexican pesos.