Roadshow presentation

Transcription

May 2015
GICSA
Roadshow presentation
0
Disclaimer
This presentation has been prepared by Grupo GICSA, S.A.B. de C.V. (“GICSA” and, together with its subsidiaries, the “Company”). The information contained in this presentation is preliminary,
may not be complete and may be changed. This presentation may contain proprietary, trade-secret, and commercially sensitive information and neither this presentation nor the information
contained herein may be copied, disclosed or provided, in whole or in part, to third parties for any purpose. By viewing this presentation, you agree that this presentation and the information
contained herein is confidential information and may not be used, communicated, reproduced or distributed to others, in whole or in part, without the prior written consent of GICSA. Failure to
comply with such confidentiality obligation may result in civil, administrative or criminal liabilities. The distribution of this presentation in certain jurisdictions may be restricted by law and persons
into whose possession this presentation comes should inform themselves about and observe any such restrictions.
The contents hereof should not be construed as investment, legal, tax or other advice and you should consult your own advisers as to legal, business, tax and other related matters concerning
an investment in the Company.
Although the information presented in this presentation has been obtained from sources that GICSA believes to be reliable, GICSA does not make any representation as to its accuracy, validity,
timeliness or completeness for any purpose. The information set forth herein does not purport to be complete and GICSA is not responsible for errors and/or omissions with respect to the
information contained herein. Certain of the information contained in this presentation represents or is based upon forward-looking statements or information. Examples of such forward looking
statements include, but are not limited to: (i) statements regarding our results of operations and financial position; (ii) statements of plans, objectives or goals, including those related to our
operations, our projects under development and pipeline projects; and (iii) statements of assumptions underlying the aforementioned statements. Words such as “aim,” “anticipate,” “believe,”
“could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will” and similar expressions are intended to identify forward looking statements
but are not the exclusive means of identifying such statements. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and risks exist
that the predictions, forecasts, projections and other forward looking statements will not be achieved. In particular, our ability to complete the development and construction of the projects under
development and pipeline projects described in this presentation may be affected by numerous factors, including factors that are beyond our control. The information presented in this
presentation relating to our projects under development and pipeline projects, particularly expected commencement of construction, expected opening year, expected GLA and expected required
investment, could vary significantly. Investors should not place undue reliance on our plans and estimates relating to our projects under development and pipeline projects, as they are inherently
uncertain. The design of our projects under development and pipeline projects presented in this presentation is merely illustrative and for informational purposes only. No assurance can be given
that our projects under development and pipeline projects described in this presentation will be completed as described or at all.
The information in this presentation, including but not limited to forward-looking statements, applies only as of the date of this presentation and is not intended to give any assurance as to future
results. The Company and its advisors expressly disclaim any obligation or undertaking to update or revise the information, including any financial data and forward-looking statements, and will
not publicly release any revisions they may make to this presentation that may result from events or circumstances arising after the date of this presentation.
The securities mentioned herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an
exemption from the registration requirements thereof. Nothing in this presentation is intended to be taken by, and should not be taken by, any individual recipient as investment advice, a
recommendation to buy, hold or sell any security, or an offer to sell or a solicitation of offers to purchase any security. An offer to sell or a solicitation of an offer to buy any securities of GICSA will
occur solely by means of a confidential offering memorandum which may contain information different from the information contained in this presentation. Such confidential offering memorandum
will contain detailed information about GICSA and its business and financial results, as well as its financial statements. This presentation is qualified in its entirety by such confidential offering
memorandum, which should be read completely before making any investment. This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or
resident or located in any locality, State, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing
within such jurisdiction.
By attending this presentation or by accepting to view any of the materials presented, you agree to be bound by the foregoing limitations.
1
Presenters
Elias Cababie Daniel
Co-founder & Executive Chairman of the Board
Abraham Cababie Daniel
Co-founder & CEO
Diodoro Batalla Palacios
Chief Financial Officer
Mario Martin Gallardo
CEO of Luxe (Asset Management)
Salvador Daniel Kabbaz
CEO of Chac-mool (Development)
Samuel Jalife Cababie
CEO of Mobilia (Commercialization)
2
Summary offering
Issuer
 Grupo GICSA, S.A.B. de C.V.
Securities Offered
 Ordinary shares (Series “B” class I)
Ticker
 “GICSA”
Type of Offering
 IPO (100% Primary)
Base Offering
 MXN$7.0bn (~US$466mm)1; 368,421,053 shares
Overallotment
 15% of the base offering
Hot deal option
 20% of the base offering
Price Range
 MXN$17.0 - MXN$21.0 per share
Estimated Float Post-IPO2
 30.0%
Lock Up
 180 days
Offering Structure
 Public offering in Mexico (BMV) with international sales via Rule 144A and Reg S
Use of Proceeds
Expected Pricing Date
 Development pipeline, other real estate business opportunities and repayment of related
party liabilities
 June 3, 2015
Global Coordinator
International Bookrunners
Local Bookrunners
Local Co-Managers
Note: Base offering excludes greenshoe and hot deal option
1 In the mid-point of the IPO range. Assumes FX of 15.02 MXN$/US$, as of May 15, 2015
2 Pre greenshoe and hot deal option, and including shares issued in favor of Xtra Proyectos S.A. de C.V. in connection with the recent acquisition of an additional 50% stake in each of Forum
Buenavista and Torre E3; Base offering only float 24.8%
3
Sources and uses of proceeds
In the mid-point of the valuation range
Sources
Gross Proceeds
Uses
MXN$mm
US$mm1
$7,000
$466
MXN$mm
US$mm1
Development pipeline
and other real estate
business opportunities
$5,440
$362
Repayment of related
parties liabilities2
1,200
80
360
24
$7,000
$466
Offering expenses
Total Sources
$7,000
$466
Total Uses
The objective of our IPO is to fund our best-in-class development pipeline and pursue other real estate business
opportunities, consolidating our position as a premiere real estate company in Mexico
Note: Excludes overallotment option
1 Assumes FX of 15.02 MXN$/US$, as of May 15, 2015
2 Resulting from GICSA’s corporate and financial restructuring
4
GICSA is an integrated premiere real estate company in
Mexico with a 26-year track record of value creation

the complete life cycle of assets
Development
Construction
Internally managed, fully integrated, real estate company specializing in

Developed 67 real estate projects since 1989, over 2.7mm m2 in GLA

Current portfolio of 13 operational properties: 7 retail, 2 office and 4 mixed

Commercialization
Occupancy rate: 93.5%1

GLA: proportional 318k m2, controlled 618k m2, managed 1,285k m2

2014 pro forma EBITDA: proportional of MXN$1,095mm(2), consolidated of
MXN$1,996mm(2)
Management

1Q 2015 pro forma EBITDA: proportional of MXN$300mm(2), consolidated
of MXN$552mm(2)
Ownership

Development pipeline of 14 new projects adding 820k m2 by 2018

Proportional GLA: 646k m2
Note: GLA, Occupancy rate and EBITDA numbers as of March 31, 2015 except where otherwise noted. Pro forma numbers take into consideration the recent corporate and financial
restructuring implemented by GICSA
1 Excludes Capital Reforma, which is in process of stabilization; inclusive of this property the occupancy rate is 89.9%; Capital Reforma‘s occupancy rate is 56.2% as of March 31, 2015
2 Proportional and Consolidated pro forma EBITDA adjusted to include Forum Coatzacoalcos at GICSA’s 25% stake and at a 100% stake respectively
5
Long and successful history…
1
2
Beginning
Beginnings
3
Expansion
Expansion
Zentro Masaryk
La Isla Acapulco
 Begins operations in 1989
Paseo Interlomas
 Portfolio reached 34 stabilized
GLA
 Finishes pending retail and
 Reduces overhead
 Sells 16 properties to Fibra
 Paseo Arcos Bosques
Uno for MXN$11.6bn1
 Forum Buenavista (Phase I)
 Ultimately reduced leverage
 Forum Tepic
and strengthened balance
sheet
 La Isla Acapulco
1
1997
 Well-defined growth strategy
 Invites new investors
of development cycle, yet
inaugurated iconic properties
Masaryk, the first high-end
retail property in Masaryk
 Strong balance sheet
non-core developments
 Faced financial crisis at peak
 Pioneered with Zentro
portfolio and a best-in-class
pipeline
 Exits residential business
largest in the sector’s history
I, first Class A building in
Mexico City, in the midst of
Tequila Crisis
 GICSA has an iconic initial
organization
 Received US$1bn GE loan,
 Inaugurated Torre Esmeralda
Consolidation
Stabilization and
Renaissance
for growth
Paseo Queretaro
 Restructures entire
properties and 36 projects in
development pipeline
 Developed over 100,000 m2 of
1989
4
Reorganization and [ ]
Reorganization
development
2008
2012
2015
GICSA’s stake in each of these properties was 50%
6
Current portfolio
Developed & Sold
…with a strong track record…
1
600k m2
246k m2
1,274k m2
363k m2
1,303 rooms
Retail
Office
Industrial
Residential
Lodging
1. Zentro Masaryk
2. Centro Lago de
Guadalupe
3. Centro Maya
4. Forum by the Sea
5. Forum Tepic
6. La Isla Shopping
Village Cancún
7. Las Plazas Outlet
Cancún
Guadalajara
Monterrey
10. Punta Langosta
11. Zentro Altavista
12. Pavillion Centro
1.
2.
3.
4.
5.
6.
7.
8.
9.
Torre Esmeralda I
Torre Esmeralda II
Torre Gamon
Torre HSBC
Torre Picasso
Corporativo Motorola
Campos Elíseos
Corp. Constitución
Corporativo Blas
Pascal
10. Corporativo
Interlomas
11. Punta Santa Fe A
12. Insurgentes 688
13. Punta Santa Fe B
1. Cabi Baz
2. Lago de Guadalupe
3. Tultipark
4. Tultipark II
5. Tultitlán I
6. Tultitlán II
7. San Martin Obispo I
8. San Martin Obispo II
9. La Purísima
10. Tlalnepantla
1.
2.
3.
4.
5.
6.
City Santa Fe
Las Olas Acapulco
Las Olas Cancún
Maralago Acapulco
Maralago Cancún
Puerta del Sol Los
Cabos
7. Residencial Lomas
8. Residencial Lomas II
9. La Isla Residences
Acapulco
City Walk
Forum Buenavista
Forum Coatzacoalcos
Forum Culiacán
Forum Tlaquepaque
La Isla Acapulco
Outlet Lerma
Fiesta Inn Culiacán
Fiesta Inn Durango
Fiesta Inn Tepic
One Acapulco
One Aguascalientes
One Coatzacoalcos
One Monterrey
One Toluca
One Culiacan
Sold properties still under management
Total GLA / rooms
1. Reforma 156
2. Torre E3
1.
2.
3.
4.
5.
6.
7.
1.
2.
3.
4.
5.
6.
7.
8.
9.
265k m2
1. Aqua Bosques

Over 2.7mm m2 in GLA developed and 2.1mm m2 in
GLA sold, across 14 states throughout Mexico

Median yield to cost of 13.5%1

34 projects currently under our management
Mixed
1. Capital Reforma
2. Masaryk 111
3. Paseo Arcos Bosques
4. Paseo Interlomas
Yield to cost calculation includes all current operational properties except Reforma 156 because it was acquired, Capital Reforma which is in process of stabilization and Outlet Lerma since
information is not currently available
7
… and consistent leadership in innovation
GICSA is proud to be a trendsetter having many “firsts” in Mexico real estate
Class “A” building
High-end retail in Masaryk
Zentro Masaryk
1st
Torre Esmeralda I
1st
Outlet Lerma
1 LEED
HSBC Tower
1st
Lifestyle mall
Outlet mall
1st
Gold LEED1 building
High-end mixed-use property
La Isla Cancun
1st
Paseo Arcos Bosques
1st
stands for Leadership in Energy & Environmental Design
8
Integrated model is a key value driver
Fully integrated model captures value throughout the business cycle of
projects and generates additional revenue from services to third parties
Service companies2
Development
12% of land value3
Service fees
Cash flows
Land intermediation
Construction
7.5% to 15% of
construction cost
Builds new developments and
executes improvements
GICSA
58%1
Partners
42%1
GICSA
79%1
Operational portfolio
13 properties
1
Partners
21%1
Development pipeline
14 projects
2
Strong cash flows
GICSA
100%
Service companies
3
Significant growth
Efficiency and
profitability
Third party properties
and projects
Commercialization
5% to 6% of total value of
the contract4
Commercializes leasing
space and optimizes tenant
mix with top clients
Property management
1.5% to 3% of collections
Management, operation and
maintenance
Asset management
0.25% to 0.5% of asset value
New business generation,
new project design and
innovation
1 GICSA’s
stake and Partners’ stake calculated using the weighted average of their respective stake in each property/project and total GLA; Operational portfolio figures reflect recent
acquisition of an additional 50% stake in each of Forum Buenavista and Torre E3
2 Wholly-owned subsidiaries of GICSA
3 One time fee
4 Capped at 54 months of rent for operational properties and 48 months for projects under development
9
Integrated model is a key value driver (cont’d)
Our C-Corp structure and business model eliminate fee leakage,
consequently maximizing shareholders’ returns
FIBRA
Fully integrated
C-Corp
Rental revenue
74.5
74.5
(+) Other revenue1
25.5
25.5
= Total revenue (internal)
100.0
100.0
(-) Property management2
3.0
0.4
(-) Commercialization3
3.0
1.3
(-) Other operating expenses
18.5
18.5
75.5
79.8
8.1
3.2
0.0
4.5
= Total EBITDA
67.5
81.1
Capex5
24.7
22.8
FCF6
16.9
Illustrative example
= NOI of RE assets
(-) Asset
management4
(+) EBITDA external services
No property management fee
No commercialization fee
No asset management fee
Capacity to serve 3rd parties
No development or construction fee
~60% higher
27.2
Significantly higher growth profile
given development capabilities
Note: Information shown in this page is for illustrative purposes only and it does not reflect real results of other companies; Calculations are based on GICSA’s current operational portfolio;
Calculations for C-Corp do not consider additional benefit obtained from service fees charged to properties where GICSA does not have 100% ownership; 1 Includes parking, maintenance,
advertising and other revenues; 2 Assumes property management fee of 3% of total revenue for FIBRA case and overhead expenses for the C-Corp case; 3 Assumes commercialization
expenses as 3% of total revenues for FIBRA case, and only overhead expenses for C-Corp case; 4 Considers asset management fee of 0.75% of asset value for FIBRA case, determined
using a cap rate of 7.0%. Only considers overhead expenses for C-Corp case; 5 Assumes expansion capex of 2% of asset value and 14.3% development/construction fee; 6 Assumes D&A
equals capex, 40% leverage, 6% cost of debt and GICSA’s effective tax rate of 12%. Considers 0% taxes for FIBRA case
10
Financial highlights
1Q 2015 revenue, EBITDA and NOI (MXN$mm)
2014 revenue, EBITDA and NOI (MXN$mm)
margin (%)1
Including recent acquisitions2
72.4%
margin (%)3
71.6%
75.5%
75.9%
2,758
1,225
1,996
Operating
revenue4
Consolidated
EBITDA4
1,178
771
552
1,095
1,048
Proportional
EBITDA5
Proportional
NOI5
Pro-forma leverage metrics (MXN$mm) – March 31, 2015
GICSA Pro forma debt6
82.8%
1,949
Consolidated
NOI4
74.8%
Operating
revenue4
Consolidated
EBITDA4
75.7%
82.7%
341
337
300
296
Proportional
EBITDA5
Proportional
NOI5
547
Consolidated
NOI4
Mandatory proportional debt amortization schedule (MXN$mm)10
10,743
36.1%
27.7%
GICSA Proportional
debt7
5,973
2,154
Loan to value8
20.6%
10.7%
1,655
3.0%
180
639
% in local currency9
39.7%
2015
9.9%
2016
2017
2018
12.6%
594
750
2019
2020 and
beyond
Note: 2012 and 2013 figures are not available since pro forma financials were not prepared for those years; 1 Consolidated EBITDA margin calculated over consolidated revenues of MXN$2,758mm. Consolidated property NOI margin calculated over
consolidated real estate only revenues of MXN$2,581mm. Proportional EBITDA margin calculated over proportional revenues of MXN$1,442mm. Proportional property NOI margin calculated over proportional real estate only revenues of MXN$1,265mm; 2 For
illustrative purposes only; Includes 2014 and 1Q 2015 additional proportional EBITDA and NOI, as applicable, resulting from recent acquisition of an additional 50% stake in each of Forum Buenavista and Torre E3; 3 Consolidated EBITDA margin calculated
over consolidated revenues of MXN$771mm. Consolidated property NOI margin calculated over consolidated real estate only revenues of MXN$732mm. Proportional EBITDA margin calculated over proportional revenues of MXN$396mm. Proportional property
NOI margin calculated over proportional real estate only revenues of MXN$358mm; 4 Revenue, EBITDA and NOI are net of construction reimbursements and non-recurring items, and consider Forum Coatzacoalcos; 5 Proportional EBITDA and NOI only consider
GICSA’ stake in the current portfolio including their share in Forum Coatzacoalcos and includes proportional revenues from real estate rents; 6 As shown in Pro-forma financials; 7 Proportional debt does not include accrued interest (MXN$32mm) and considers
Forum Coatzacoalcos’ debt of MXN$32mm, not consolidated in the Pro-forma financials; 8 Loan to value calculation considers GICSA’s current proportional debt divided by Firm value post-money at IPO; 9 Percentage of debt in local currency considers GICSA
proportional debt only; 10 Amortization schedule does not include accrued interest (MXN$32mm) and considers Forum Coatzacoalcos’ debt of MXN$32mm, not consolidated in the Pro-forma financials;
11
5
Location: Mexico City
Opening: 2010
GLA: 3,485 m2
Occupancy: 96.0%
7
Location: Mexico State
Opening: 2011
GLA: 88,951 m2
Occupancy: 96.2%
Office (2)
Mixed (4)
Coatzacoalcos
Opening: 2008
GLA: 26,278 m2
Occupancy: 99.5%
11
10
11
2
3
4
7
9
8
13
Location: Veracruz
Opening: 2006
GLA: 31,891 m2
Occupancy: 94.5%
6
5
12
13
Reforma 156
Masaryk 111
Retail (7)
Opening: 2012
GLA: 59,748 m2
Occupancy: 56.2%
10
Forum Culiacan
Capital Reforma
Operational properties (13)
Opening: 2011
GLA: 19,315 m2
Occupancy: 100%
Retail
418k m2
(68%)
Opening: 2005
GLA: 23,241 m2
Occupancy: 94.2%
12
Location: Sinaloa
Opening1:
2003/2009/2014
GLA: 38,177 m2
Occupancy: 96.0%
Opening1: 2001/2012
GLA: 61,806 m2
Occupancy: 91.9%
Number of properties
13
National presence
4 states + Mexico City
and metropolitan area
Total/Proportional
GLA
618k m2 / 318k m2
Occupancy rate2
93.5%
1
200k m2
Office
(32%)
Location: Jalisco
Opening: 2011
GLA: 50,319 m2
Occupancy: 84.6%
9
8
Torre E3
Opening1: 2008/2012
GLA: 90,519 m2
Occupancy: 97.2%
Rooms: 135
6
Outlet Lerma
City Walk
Opening1: 2008/2012
GLA: 90,464 m2
Occupancy: 92.0%
Arcos Bosques
Forum Buenavista
Location: Guerrero
Opening: 2008
GLA: 33,650 m2
Occupancy: 83.9%
4
Paseo Interlomas
3
2
Isla Acapulco
1
Forum Tlaquepaque
Prime and iconic portfolio
Strategically located premium initial portfolio specialized in top retail and office space
Note: All figures represent 100% of properties as of March 31, 2015
1 Opening year includes subsequent expansions
2 Excludes Capital Reforma which is in process of stabilization; inclusive of this property the occupancy rate is 89.9%; Capital Reforma‘s occupancy rate is 56.2% as of March 31, 2015
12
Case study – Arcos Bosques
Arcos Bosques
Investment highlights
 Strategic location
 Located in Mexico City, strategically close to the business
district of Santa Fe
 Iconic design
 Includes a luxury shopping mall and one of the most
exclusive 5-star hotels in Mexico
 Successful mixed development
 Average occupancy 2010 – 1Q 2015 of +96%
 More than 2.7mm estimated visitors in 2014
 High quality tenants
 Cinepolis, Crate & Barrel, Unilever, Daimler Financial
 GICSA’s headquarters
Key stats
Location
 Location: Mexico City
 Opening1: 2008/2012
 GICSA’s stake: 50%
 GLA: 90,519 m2
- Office: 69,594 m2 (76.9%)
- Retail: 20,925 m2 (23.1%)
 Hotel: 135 rooms
 Average rent / m2
- Office: MXN$419.0
- Retail: MXN$431.3
 2014 NOI: MXN$418.9mm
 1Q 2015 NOI: MXN$108.3mm
 YTC:
Cuajimalpa, Mexico City
18.0%2
Note: All figures as of March 31, 2015, except when otherwise noted
1 Opening year includes subsequent expansion
2 Excludes Hotel Aqua. Yield to cost including Hotel Aqua accounts for 12.9%
13
Case study – Paseo Interlomas
Paseo Interlomas
 Strategic location
 Located in Huixquilucan Mexico State, on well known Ave.
Vialidad Barranca where ~ 1mm people reside
 Iconic design
 Modern and exclusive Lifestyle center, which mixes outdoor
terraces, exclusive restaurants, movie theaters and an ice
skating rink
 Successful mixed development
 Average occupancy 2012 – 1Q 2015 of +97%
 10.5% CAGR in visitors since 2012, reaching an estimated
total of 7.3 mm in 2014
 High quality tenants
 Anchored by the three of the most important department stores
in Mexico: Palacio de Hierro, Liverpool and SEARS
o Only time in the last 20 years in which all 3 have
participated in the same project
Interlomas expansion
Key stats
 The expansion of Paseo Interlomas
 Location: Mexico State
will add approximately 48,813 m2 in
 Opening: 2011
GLA (41% office and 59% retail)
 GICSA’s stake: 50%
 Hotel footprint will be sold to leading 3rd
party hotel developer / manager
 Construction is scheduled to start in
2015
MXN$1,405mm
 GLA: 88,951 m2
- Office: 6,871 m2 (7.7%)
- Retail: 82,080 m2 (92.3%)
 Average rent / m2
- Office: MXN$290.2
 Scheduled to open in 2016
 Estimated total
Location
investment1
- Retail: MXN$268.8
of
 2014 NOI: MXN$356.8mm
 1Q 2015 NOI: MXN$96.4mm
 YTC: 14.1%
Huixquilucan, Mexico State
Note: All figures as of March 31, 2015, except when otherwise noted
1 Total investment includes expenses that have already been realized and internal intermediation and construction fees
14
Prime and iconic portfolio (cont’d)
Retail
Selected tenants
Office
Main Anchors / Key Relationships
Occupancy evolution3 and GLA (000’s m2)
NOI 2014 and annualized 1Q 2015 (MXN$mm)
GICSA
Partners
Selected tenants
617
2,190
1,949
355
93.4%
1,348
1,178
617
618
545
1Q 2015 NOI:
MXN$547.4mm
1,005
901
617
93.5%
92.1%
90.2%
1,048
1,185
85.8%
2014
1Q 2015
1
Annualized
2010
89.3%
2011
2012
2013
2014
1Q15
Note: All figures only correspond to current operational properties
1 Annualized 1Q 2015 NOI calculated by multiplying 1Q 2015 NOI times 4. Does not take into consideration seasonality and is shown for illustrative purposes only
2 For illustrative purposes only; Includes additional proportional 2014 NOI and 1Q 2015 annualized NOI respectively, resulting from recent acquisition of an additional 50% stake in each of Forum
Buenavista and Torre E3
3 Excludes Capital Reforma, which is in process of stabilization; inclusive of this property the occupancy rate as of 1Q 2015 is 89.9%; Capital Reforma‘s occupancy rate is 56.2% as of March 31,
2015
15
Prime and iconic portfolio - Retail
Estimated flow of visitors (in millions)1
Estimated same store sales growth (%)2
60
6.9%
6.7%
62
2011
2012
2013
2014
2012
2013
Women &
men apparel
4
23%
2014
Rental contracts expiration (GLA m2)
Classification per tenant category3
Others
417
417
417
86.1%
87.3%
90.2%
92.9%
2011
2012
2013
2014
237
31
81.0%
2010
401
5.0%
48
27
Occupancy evolution and GLA (000’s m2)
38%
corresponds
to 2019 and
beyond
19%
2010
Total rent and rent per m2
Rent per m2
(5)
147,349
214
222
965
18%
Footwear 3%
Restaurants
246
1,111
General
services 3%
Sports 5%
apparel
231
Depart.
stores
61,645
71,359
18%
12%
16%
66,259
17%
2015
40,783
2016
2017
2018
4.0%
6.7%
2013
2014
394
11%
17%
Sports and
entertainment
707
3.6%
2019 and
beyond
2011
2012
Total rent (MXN$mm)
Rent per m2 growth (%)
Source: Company information and tenant reports
Note: All figures as of December 31 of the relevant year
1 Based on estimates calculated with electronic and manual systems located in access points to these properties; 2 Same store sales growth provided by GICSA’S retail tenants
3 Figures as of December 31, 2014; 4 Others category includes fast food, telecommunications, health and beauty, and others; 5 Rent price per m 2 reflected in MXN$ on a monthly basis
16
Prime and iconic portfolio - Office
Occupancy evolution and GLA (000’s m2)1
200
Rental contracts expiration schedule – GLA (m2)
200
200
46,466
30,499 m2 or
19% excluding
Reforma 156
33,500
144
26,553
118
95.4%
98.5%
97.8%
28%
97.5%
95.5%
14,433
13%
2010
2011
2012
21,688
21,634
2013
2014
2015
2016
16%
13%
2017
9%
2018
2019
Rent per m2(2)
US$/m2 per month
77
328
520
323
362
560
560
40
451
2011
2012
2020 and
beyond
2014 average price of class A office space3
Total rent (MXN$mm) and rent per m2
323
20%
2013
2014
Note: All figures as of December 31 of the relevant year
1 Occupancy rate excludes Capital Reforma which in the process of stabilization
2 Rent price per m 2 reflected in MXN$ on a monthly basis
3 Midpoint of class “A” rental range according to Jones Lang LaSalle
Rio de Janeiro
Bogota
30
29
28
Mexico City
Buenos Aires
Lima
17
Development pipeline criteria
Our projects under development have been carefully selected and designed based on certain
criteria that have proven to be critical for our success
1
Key location selection criteria
 Growing middle class
 High levels of consumption and economic
activity
 Low competition
General
development
criteria
 High barriers to entry
2
 Low inventory availability
 Strong absorption
3
 Recently planned public investments that
should boost activity
Our pipeline is expected to be located in urban centers that generally have attractive and unique
characteristics which make them optimal venues for development
18
60k m2
(7%) Industrial
Industrial (1)
Location: N.A.
Opening: 2017
GLA: 50,000 m2
GICSA’s stake: 65%1
Total capex2: 1,792
219k
(27%) Office
Office
La Isla P. del Carmen
10
13
2
5
6
11
14
9
13
10
Location: N.A.
Opening: 2017
GLA: 50,000 m2
Total capex2: 1,792
11
Location: Jalisco
Opening: 2016
GLA: 32,000 m2
GICSA’s stake: 100%
Total capex: 1,240
12
Opening: 2017
GLA: 37,000 m2
GICSA’s stake: 38.5%
Total capex: 1,949
Opening: 2016
GLA: 60,000 m2
Total capex2: 468
14
Location: Queretaro
Opening: 2017
GLA: 80,000 m2
Total capex: 2,124
La Isla Merida
3
Paseo Querétaro
541k m2
(66%)
Retail
Opening: 2017
GLA: 67,854 m2
Total capex: 3,130
9
m2
Location: Quintana Roo
Opening: 2016
GLA: 22,000 m2
Total capex: 749
Paseo Lomas
8
La Isla Vallarta
Mixed (6)
Opening: 2017
GLA: 80,000 m2
Total capex: 2,382
Novo Park
Pipeline projects
Opening: 2016
GLA: 80,000 m2
Total capex: 2,330
N2 CC
Retail (7)
6
Zentro Lomas
Location: Morelos
Opening: 2016
GLA: 57,565 m2
Total capex: 1,568
Under development projects
5
Paseo Xochimilco
N1 CC
7
Opening: 2018
GLA: 90,000 m2
Total capex: 4,152
4
Paseo Metepec
Opening: 2016
GLA: 48,813 m2
Total capex: 1,405
3
Paseo Cuernavaca
2
New Reforma 156
1
Best-in-class development pipeline
Location: Yucatan
Opening: 2016
GLA: 65,000 m2
Total capex: 2,013
1
4
12
Number of Properties
14
National Presence
5 states + Mexico City
and metropolitan area
Total /Proportional GLA
820k m2 / 646k m2
Total capex
MXN$27,096mm
Proportional capex
MXN$20,611mm
Continued development in Premium Office and Retail projects in strategic locations
Note: All opening dates are expected scheduled dates. Capex is shown in MXN$mm, and includes expenses that have already been realized and internal intermediation and construction fees
1 Percentage subject to variation depending on agreements with strategic partners
2 Estimations related to our pipeline projects, which could be subject to change
19
Best-in-class development pipeline (cont’d)
Current status of best-in-class under development and pipeline projects
Project
Project
La Isla Vallarta
Land
Land

Under development projects
Paseo Cuernavaca1
La Isla Playa del Carmen
Paseo Metepec2
Paseo Querétaro
Paseo Xochimilco
Zentro Lomas
Pipeline
Projects
Paseo Lomas
2 Land

La Isla Merida2
New Reforma 156
1 Land






Land
Zoning
permit











Architectural Architectur
Construction
LOIs
design
Permit
al design

















Executive
Executive
design
design




Construction
Under
permit
construction




Under
construction



Novo Park
N1 CC2
N2 CC2
identified and in process of being acquired from certain shareholders of GICSA
identified and in the process of being acquired with signed binding sale promises
20
Development case study – Paseo Cuernavaca
Paseo Cuernavaca
 Strategically located in the commercial and residential area of
Jacarandas, Cuernavaca, near the Mexico-Cuernavaca
Highway and Avenida Plan de Ayala
 The project is expected to have approximately 57,565 m2 in
GLA (100% retail)
 Hotel footprint is expected to be sold to a leading 3rd party hotel
developer / manager
 Construction started in March 2015
 Estimated total investment1 of MXN$1,568mm
 Projects’ main tenants are expected to be department stores,
movie theaters, clothing stores, a high-end gym and restaurants,
among others
Location
Huixquilucan,
Cuernavaca,
Mexico
Morelos
State
Note: All figures as of March 31, 2015
21
Development case study – La Isla Merida
La Isla Merida
 Expected to be located in the north of Merida, within the Cabo
Norte residential development
 La Isla is a well known, recognized and highly popular
brand within the Merida community given proximity to Cancun
where we developed another highly successful Isla project
 It is expected to include unique features aimed to improve
visitors experience such as a lake, many green areas and
gardens
 The project is expected to have approx. 65,000 m2 in GLA
(100% retail)
Location
Merida, Yucatan
22
Development case study – Paseo Metepec
Paseo Metepec
 Expected to be located west of Mexico City, near Toluca, in a
municipality with one of the highest GDP per capita in the
country
 The project is expected to have approx. 80,000 m2 in GLA
(87.5% retail and 12.5% office)
 First mixed use development in the area, with many firms
looking for this type of project
 Hotel footprint is expected to be sold to a leading 3rd party hotel
developer / manager
 Main tenants are expected to be department stores, movie
theaters, clothing stores and restaurants, among others
Location
Metepec, Mexico
Mexico City
State
Xochimilco,
23
Expected portfolio expansion
Expected GLA evolution (000’s m2)
13 properties
located in 4 states
+ Mexico City and
metropolitan area
26 properties
located in 8 states
+ Mexico City and
metropolitan area
GICSA
stake1:
318k m2
618
1,329
1,419
2017
2018
GICSA
expected
stake3:
1,006k m2
964
2016(2)
2015
Development pipeline’s expected contribution to GLA (000’s m2)
Opening
year
2016
2017
Industrial
Retail
Mixed
Office
80
65
80
60
22
Novo Park
La Isla Playa del
Carmen
58
37
50
2018
50
80
68
90
32
49
(19)2
1,419
618
Today
Outlet
Cuernavaca
Interlomas
Expansion
Paseo Metepec
La Isla Vallarta
La Isla Merida
Reforma 156
(Renovation)
Zentro Lomas
Paseo Xochimilco
N1 CC
N2 CC
Queretaro
Paseo Lomas New Reforma 156
Note: All figures consider 100% of all properties and development pipeline projects unless otherwise noted
1 Does not consider recent acquisitions of an additional 50% stake in each of Torre E3 and Forum Buenavista; Considering these acquisitions GICSA’s GLA stake is 374k m 2
2 Total GLA does not include Reforma 156 as an operational property since 2016, when renovation period starts
3 Considers recent acquisitions of an additional 50% stake in each of Torre E3 and Forum Buenavista
Total
24
Experienced management team with investor-focused structure
Strong management team
Reputable Board of Directors
Senior management has, on
average, over 20 years of real estate
experience
Member
Position
Member
Position
Chairman of the Board
Chairman of the Board
Board Vice-president and CEO
Co-founder & CEO
Jaime Dayán Tawil
Board Member
Jaime Dayán Tawil
Executive Director of Strategic Affairs
Jaime Jalife Sacal
Board Member
Diodoro Batalla Palacios
Chief Financial Officer
Salvador Daniel Kabaz
Board Member
Elias Amkie Levy
Managing Director of New Business
Jaime Kanan Hamui
Board Member
Marcos Dayán Amkie
Managing Director of Architecture
David Cababie Cababie
Board Member
Mario Martin Gallardo
CEO of Luxe (Property Management)
Carlos Bremer Gutierrez
Independent Board Member
Salvador Daniel Kabaz
CEO of Chac-mool (Construction)
Rafael Robles Miaja
Samuel Jalife Cababie
CEO of Mobilia (Commercialization)
Andres Ignacio Gomez Martinez
Rafael Harari Tussie
Director of Construction
Pedro Solis Cámara
Jesus Bugeda Piñeiro
General Counsel
4 / 11
Independent
members
 Reputable Board of Directors
 Independent Audit and Best Practices Committee
 No supermajority voting requirements
 All senior management beneficially owns equity.
In total, management will have over 50% direct
and indirect ownership in the company1
 One single class of shares
Solid corporate governance
1 Considers
Fully vested interest in value creation
ownership post-IPO, excluding greenshoe and hot deal option
25
Long and successful track record
Fully integrated business model
Prime and iconic portfolio
Best-in-class development pipeline
Experienced management team with investor-focused structure
Well-defined business objectives and growth strategy
26
APPENDIX
27
Table of contents
I.
Pro forma financial statements
II.
EBITDA / NOI reconciliation
III. Corporate structure and ownership
IV. Operational portfolio and development
pipeline profiles
28
Pro forma financial statements
Pro forma summarized income statement
Twelve months ending
December 31, 2014
Three months ending
March 31, 2015
1,907.7
622.9
843.4
130.0
3,504.0
542.0
159.8
324.1
30.7
1,056.6
(386.5)
(1,435.8)
(1,822.3)
(181.2)
(398.0)
(579.2)
1,681.7
477.4
2,294.2
2,300.4
0.0
3,975.9
0.0
2,777.8
Financial income
Financial costs
Income before income taxes
3,031.4
(4,496.6)
2,510.7
427.0
(765.1)
2,439.7
Income tax
(1,078.3)
(1,073.5)
1,432.4
1,366.2
(MXN$mm unless otherwise stated)
Rental income
Maintenance and advertising income
Parking, lodging and services income
Income from sale of real estate inventories
Total income
Cost of sale of property and land
Administrative, sales and overhead expenses
Total costs and expenses
Total income less costs and expenses
Fair value adjustment to investment properties, other expensesnet, and participation in the results of associates and joint
venture accounted for under the equity method
Gain from the contribution of projects to real estate investment
trusts
Operating profit
Combined net income
29
Pro forma financial statements (cont’d)
Pro forma balance sheet
(MXN$mm unless
otherwise stated)
Current liabilities:
Short-term bank loans and current portion
of long-term bank loans
Current assets:
780.2
Debt certificates
Suppliers
Accounts and notes receivable – net
374.5
Value added tax
467.4
Related parties
Advances for project developments
423.4
Income tax payable
Current portion of tenant deposits
Association agreement
Real estate inventories
Related parties
Total current assets
0.0
Total current liabilities
2,907.4
Non-current assets:
Investment properties
679.9
366.5
1,261.8
68.5
4,599.1
390.1
0.0
7,365.9
861.9
Non-current liabilities:
Long-term bank loans
Provisions
Guarantee deposits and prepayments
March 31, 2015
Liabilities
Assets
Cash & cash equivalents and restricted cash
(MXN$mm unless
otherwise stated)
March 31, 2015
6.2
32,277.4
Property, furniture, and equipment – Net
667.6
Investments in associates and joint ventures
556.0
9,696.2
0.0
Collected rents in advance
144.3
Tenant deposits and lease commissions
357.1
Long-term income tax payable
Deferred income tax
564.5
5,744.9
Total non-current liabilities
16,507.0
Total liabilities
23,872.9
Stockholders’ equity
Real estate certificates
Deferred income tax
Other assets
0.0
504.9
0.0
Capital stock
387.3
Retained earnings
5,877.6
Controlling interest
6,264.9
Non-controlling interest
6,781.7
Total non-current assets
34,012.1
Total equity
13,046.6
Total assets
36,919.5
Total liabilities and equity
36,919.5
30
EBITDA / NOI reconciliation
(MXN$mm)
December 31, 2014
March 31, 2015
1,682
477
77
241
430
1303
0
(132)
387
249
0
440
(38)
22
0
74
200
314
17
(36)
181
58
121
0
(7)
7
EBITDA
EBITDA margin
Minus ( - )
Corporate expense
Income from services to third-party clients
1,996
72.4%
552
71.6%
(130)
177
(34)
38
NOI
NOI margin
1,949
75.5%
547
74.8%
1,949
547
901
1,048
81.5%8
251
296
82.7%8
(130)
177
1,095
74.8%9
(34)
38
300
75.7%9
EBITDA and NOI
Total income less costs and expenses
Minus ( - )
Key money projects under development1
Reimbursements of costs and expenses related to real estate services to third parties2
Reimbursements of costs and expenses related to maintenance and advertising services2
Non-recurring income from sale of real estate inventories3
Income from projects under development and pipeline projects4
Income of our joint venture trust Forum Coatzacoalcos F/000965
Costs and expenses related to services rendered to third parties2
Costs and expenses related to maintenance and advertising services2
Extraordinary expenses5
Expenses related to projects under development and pipeline projects7
Expenses for our joint venture trust Forum Coatzacoalcos F/000965
Depreciation
Proportional EBITDA and NOI
NOI (100%)
Minus ( - )
NOI attributable to non-controlling interest
Proportional NOI
Proportional NOI margin
Plus ( + )
Corporate expenses
Third party services income
Proportional EBITDA
Proportional EBITDA margin
Note: Reconciliation includes income and expenses of our joint venture trust Forum Coatzacoalcos F/00096
Income derived from key money paid by prospective tenants for projects under development; 2 We incur costs and expenses in connection with real estate services and maintenance and advertising services for
projects under development and pipeline projects provided to our third-party clients. We record these costs and expenses in our statement of comprehensive income as administrative, sales and overhead expenses.
We are reimbursed these costs and expenses, which we record as revenue in our statement of comprehensive income under parking, lodging and services income and maintenance and advertising income,
respectively; 3 Income derived from non-recurring sales of real estate inventories; 4 Income derived from a non-recurring sale of retail space to an anchor tenant; 5 We account for the results of our joint venture trust
Forum Coatzacoalcos F/00096 under the equity method. Solely for purposes of calculating EBITDA and NOI, we consider 100.0% of the income generated and the expenses incurred by the joint venture; 6 Relates to
the payment of interest, surcharges and penalties for unpaid taxes to the Mexican tax authorities as of the year and period indicated; 7 Real estate consulting services related to our projects under development and
pipeline projects; 8 Calculated considering proportional income of MXN$1,265mm and MXN$358mm for December 31, 2014 and March 31, 2015 respectively; 9 Calculated considering proportional income of
MXN$1,442mm, from which MXN$177mm correspond to third parties income, for December 31, 2014 and MXN$396mm, from which MXN$38mm correspond to third parties income, for March 31, 2014
1
31
Corporate structure and ownership
Desarrollos Chac Mool,
S.A. de C.V.
100%
Desarrolladora 2020,
S.A.P.I. de C.V.
100%
Forum Buenavista,
S.A.P.I. de C.V.
50%2
Luxe Administracion y
Control Inmobiliario,
S.A.P.I de C.V.
100%
Comercializadora Mobilia,
S.A.P.I de C.V.
100%
Consticorp,
S.A.P.I. de C.V.
100%
1
Grupo Inmobiliario
Osuna/Mexico, S.A. de C.V.
99.99%
Conjunto Residencial Santa Fe,
S.A. de C.V.
100%
Trustfund Palmas
74%
Cabi Servicios,
S.A. De C.V.
100%
Inmobiliaria Arcos Bosques,
S.A. de C.V.
50%
Trustfund Autofin
37.5%
Desarrollos Mayasur,
S.A. de C.V.
50%
Paseo Inter,
S.A.P.I de C.V.
50%
Forum Tlaque,
S.A.P.I de C.V.
50%
Cabi Acapulco La Isla,
S.A. de C.V
84%
Trustfund Estado de
Mexico F-0396
37.5%
Desarrollo Reforma Capital
250, S.A.P.I. de C.V.
50%
Corpokig, S.A.P.I. de C.V.
99.96%
Trustfund Masaryk
75%
Cabi Lerma,
S.A. de C.V.
75%
Trustfund Reforma 156
75%
F-00096 Forum
Coatzacoalcos
25%
Bundeva Controladora,
S.A.P.I. de C.V.
99.98%
Cabi Centros Comeriales,
S.A.P.I de C.V.
99.99%
Pichahua,
S.A.P.I. de C.V.
99.96%
Current GICSA shareholders
Cabi Culiacan,
S.A. de C.V.
100%
Voting trust 3
31%
Fondo Cabi Corporativo,
S.A. de C.V.
100%
Retail Operaciones 3
Inmobiliaria Lomchap, S.A.P.I.
de C.V.
25%2
Operadora Perinorte,
S.A.P.I de C.V.
25%2
69%
1 Logo
refers to Grupo GICSA S.A.B. de C.V.
Does not reflect recent increase of GICSA’s stake to 100% in Forum Buenavista and to 75% in Torre E3
3 Includes Cababie family, management and others
2
32
Current operational portfolio
CAPITAL REFORMA
LOCATION
Cuauhtemoc, Mexico City
GLA
59.7k m2
TYPE
Mixed
NOI 1Q 20151
MXN$25.1mm
GICSA STAKE
60%
OCCUPANCY2
56%
OPENING
2012
TENANTS
Capital Grille, The Olive Garden, ACE
Fianzas, Bank of Tokyo-Mitsubishi
1 Corresponds
2 Occupancy
to 100% ownership
rate corresponds to March 31, 2015 figures
33
Current operational portfolio (cont’d)
CITY WALK
LOCATION
GLA
3.5k m2
TYPE
Retail
NOI 1Q 20151
MXN$2.8mm
GICSA STAKE
100%
OCCUPANCY 2
96%
OPENING
2010
TENANTS
Prime House, Giornale
1 Corresponds
2 Occupancy
to 100% ownership
34
FORUM BUENAVISTA
LOCATION
GLA
90.5k m2
TYPE
Retail
NOI 1Q 20151
MXN$66.7mm
GICSA STAKE
50%2
OCCUPANCY 3
92%
OPENING4
2008/2012
ANCHORS
Cinepolis, SEARS, Soriana, C&A, Coppel,
Best Buy, Zara
1
Corresponds to 100% ownership
Does not reflect the increase of our participation to 100% executed after the close of 1Q15
3 Occupancy rate corresponds to March 31, 2015 figures
2
35
FORUM COATZACOALCOS
LOCATION
Coatzacoalcos, Veracruz
GLA
31.9k m2
TYPE
Retail
NOI 1Q 20151
MXN$27.6mm
GICSA STAKE
25%
OCCUPANCY 2
94%
OPENING
2006
ANCHORS
Cinemex, SEARS, Liverpool, C&A, YAK
Sports
1 Corresponds
2 Occupancy
to 100% ownership
36
FORUM CULIACAN
LOCATION
Culiacán, Sinaloa
GLA
38.2k m2
TYPE
Retail
NOI 1Q 20151
MXN$46.2mm
GICSA STAKE
50%
OCCUPANCY 2
96%
OPENING3
2003/2009/2014
ANCHORS
Liverpool, SEARS, Coppel, Cinemex,
Zara, Forever 21
1 Corresponds
to 100% ownership
2 Occupancy
37
FORUM TLAQUEPAQUE
LOCATION
Guadalajara, Jalisco
GLA
50.3k m2
TYPE
Retail
NOI 1Q 20151
MXN$47.4mm
GICSA STAKE
50%
OCCUPANCY 2
85%
OPENING
2011
ANCHORS
Liverpool, American Eagle, Suburbia,
Best Buy, Recorcholis, Forever 21
1 Corresponds
2 Occupancy
to 100% ownership
38
LA ISLA ACAPULCO
LOCATION
Acapulco, Guerrero
GLA
33.7k m2
TYPE
Retail
NOI 1Q 20151
MXN$20.4mm
GICSA STAKE
84%
OCCUPANCY 2
84%
OPENING
2008
ANCHORS
Liverpool, Boutique Palacio, Palacio de
Hierro, Caliente, Cinepolis
1 Corresponds
2 Occupancy
to 100% ownership
39
MASARYK 111
LOCATION
Miguel Hidalgo, Mexico City
GLA
26.3k m2
TYPE
Mixed
NOI 1Q 20151
MXN$29.0mm
GICSA STAKE
75%
OCCUPANCY 2
100%
OPENING
2008
TENANTS
Unifin, Baxter, Starbucks, CPK, Avaya
Communication, Editorial Planeta
1 Corresponds
2 Occupancy
to 100% ownership
40
OUTLET LERMA
LOCATION
Lerma, Mexico State
GLA
61.8k m2
TYPE
Retail
NOI 1Q 20151
MXN$42.1mm
GICSA STAKE
37.5%
OCCUPANCY 2
92%
OPENING3
2001/2012
ANCHORS
Palacio Outlet, Recorcholis, Cinemex,
American Eagle, WalMart
1 Corresponds
to 100% ownership
2 Occupancy
41
PASEO ARCOS BOSQUES (ARCOS CC, ARCOS NORTE D, ARCOS MARCO II, HOTEL AQUA)
LOCATION
GLA
90.5k m2
TYPE
Mixed
NOI 1Q 20151
MXN$108.4mm
GICSA STAKE
50%
OCCUPANCY 2
97%
OPENING
2008
Crate & Barrel, Cinepolis, Nobu, Puerto
Madero, Unilever, Morgan Stanley
Tenants
1 Corresponds
2 Occupancy
to 100% ownership
42
PASEO ARCOS BOSQUES - HOTEL AQUA
LOCATION
ROOMS
135
TYPE
Hotel
GICSA STAKE
50%
OPENING
2012
43
PASEO INTERLOMAS
LOCATION
GLA
89.0k m2
TYPE
Mixed
NOI 1Q 20151
MXN$96.4mm
GICSA STAKE
50%
OCCUPANCY 2
96%
OPENING
2011
ANCHORS
Liverpool, SEARS, Cinepolis, Palacio de
Hierro, Forever 21, Zara
1 Corresponds
2 Occupancy
to 100% ownership
44
REFORMA 156
LOCATION
GLA
19.3k m2
TYPE
Office
NOI 1Q 20151
MXN$11.6mm
GICSA STAKE
75%
OCCUPANCY 2
100%
OPENING
2011
TENANT
Ministry of Health (Secretaria de Salud)
1 Corresponds
2 Occupancy
to 100% ownership
45
TORRE E3
LOCATION
GLA
23.2k m2
TYPE
Office
NOI 1Q 20151
MXN$23.2mm
GICSA STAKE
25%3
OCCUPANCY 2
94%
OPENING
2005
TENANTS
ABC Capital, Electronic Games, Avon,
Grupo Peñafiel
1 Corresponds
to 100% ownership
3 Assumes execution of promissory sale of 25% to other minority shareholders in the entity and does not reflect the increase of our participation to 75% executed after the close of 1Q15
2 Occupancy
46
48.8k m2
GLA
GICSA STAKE
50%
EXPECTED OPENING
2016
GLA
32.0k
GICSA STAKE
100%
EXPECTED OPENING
2016
STAGE
Under development
100%
STAGE
Puerto Vallarta, Jalisco
m2
65.0k m2
GICSA STAKE
La Isla
Playa del Carmen
Under development
LOCATION
Mérida, Yucatan
GLA
EXPECTED OPENING
Retail
La Isla Vallarta
STAGE
LOCATION
Construction
started
1Q 2015
LOCATION
Construction
started
1Q 2015
2016
Under development
Retail
LOCATION
Retail
La Isla Merida
Mixed
Development pipeline projects
GLA
Playa del Carmen, Quintana Roo
22.0k m2
GICSA STAKE
50%
EXPECTED OPENING
2016
STAGE
Under development
47
LOCATION
LOCATION
90.0k m2
GLA
Industrial
Novo Park
Mixed
New Reforma 156
Development pipeline projects (cont’d)
Coacalco, Mexico State
60.0k m2
GLA
GICSA STAKE
75%
GICSA STAKE
EXPECTED OPENING
2018
EXPECTED OPENING
LOCATION
GLA
Cuernavaca, Morelos
57.6k
m2
GICSA STAKE
50%
EXPECTED OPENING
2016
STAGE
Under development
LOCATION
Construction
started
1Q 2015
2016
Pipeline
Mixed
STAGE
Paseo Lomas
Under development
Retail
Paseo Cuernavaca
STAGE
100%
GLA
67.9k m2
GICSA STAKE
74%
EXPECTED OPENING
2017
STAGE
Under development
48
LOCATION
Toluca, Mexico State
80.0k m2
GLA
Mixed
Paseo Querétaro
Mixed
Paseo Metepec
LOCATION
Queretaro, Queretaro
80.0k m2
GLA
GICSA STAKE
100%
GICSA STAKE
85%
EXPECTED OPENING
2016
EXPECTED OPENING
2017
STAGE
Under development
STAGE
Under development
1
LOCATION
GLA
Xochimilco, Mexico City
37.0k
m2
Mixed
Zentro Lomas
Retail
Paseo Xochimilco
1
LOCATION
GLA
Álvaro Obregón, Mexico City
80.0k m2
GICSA STAKE
39%
GICSA STAKE
100%
EXPECTED OPENING
2017
EXPECTED OPENING
2017
STAGE
Under development
STAGE
Under development
49
LOCATION 1
N/A
50.0k m2
GLA
Retail
N2 CC
Retail
N1 CC
LOCATION 1
GLA
N/A
50.0k m2
EXPECTED GICSA
STAKE
65%2
EXPECTED GICSA
STAKE
65%2
EXPECTED OPENING
2017
EXPECTED OPENING
2017
STAGE
1 Certain
Pipeline
STAGE
Pipeline
locations are already being considered but have not been closed and land has not been acquired
subject to variation depending on agreements with strategic partners
2 Percentage
50
51

Roadshow presentation

Transcription

Similar documents

Hist 19 The History of Mexico

Third Quarter 2015 Earnings Release

Poster - Taller de creación literaria

Bristol Motor Speedway Bristol Motor Speedway

Connecticut - Cohen Commercial Properties

Mexico is an independent country now, but it wasn`t always. For 300

City Design Tour

100 DPI

Presentación de PowerPoint

100 DPI