Cleary Gottlieb represented a subsidiary of Grupo GICSA S.A.B. de C.V. (GICSA) in a $150 million first priority loan with the Metropolitan Life Insurance Co. (MetLife), which signed and closed on May 6, 2021.
The loan is secured by a trust structure holding three office buildings, a fashion mall, and a hotel located in Mexico City developed and owned by GICSA. The proceeds of the loan were used to refinance existing debt.
GICSA is a fully integrated Mexican real estate developer with a long and successful track record. Since 1989, GICSA has developed 75 real estate projects, with more than 3.2 million square meters in gross leasable area.