CCLA Green Rental Housing (IFC-47134)

Countries
  • Mexico
Geographic location where the impacts of the investment may be experienced.
Specific Location
Mexico City and Monterrey
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
LATAMCC Fund Manager Mexico, S. de R.L. de C.V (CCLA)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 163.77 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 2940
Converted using 2024-06-24 exchange rate.
Project Cost (USD)
$ 352.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 6319
Converted using 2024-06-24 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 27, 2024

Disclosed by Bank Jun 24, 2024

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Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the Project involves an IFC senior loan of MXN 2,940 million (~US$ 175 million) from IFC’s own account to a group of trusts associated with 6 individual residential properties managed by LATAMCC Fund Manager Mexico, S. de R.L. de C.V (“CCLA” or the “Company”), a real estate asset manager. The proposed project aims to support the development, construction, and rental operation of 6 high rise multifamily residential, 4 in the Mexico City area and 2 in Monterrey, to be EDGE/EDGE Advance certified. Once construction is completed on each project, CCLA will manage the rental operations through its wholly owned Nomad Living entity.              

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project according to IFC's Policy on Environment and Social Sustainability (2012) as it is expected to have potential limited adverse E&S risks and/or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures. Key E&S issues and risks identified are: (i) adequacy of the existing E&S management system; (ii) labor and working conditions, occupational health and safety (OHS), contractor management, and worker grievance mechanism; (iii) gender-based violence and harassment (GBVH); (iv) life and fire safety (L&FS); (v) community health and safety; and (vi) stakeholder engagement/grievance mechanism.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The total project cost of MXN 6,319 million (~US$ 375 million) will be financed by a combination of the IFC loan of MXN 2,940 million (~US$ 175 million) and the remaining with CCLA managed equity.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

LATAMCC Fund Manager Mexico, S. de R.L. de C.V (CCLA) develops and operates high-quality residential housing for multifamily rent in Latin America. It was co-founded in 2015 by CIM Group (50 percent), with vast experience in US multifamily, and Compass Group (50 percent), an asset manager focused on Latin America.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - CCLA Group Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

CCLA Group
Fernando Ulacia
Investments Vice President
+52-55-8525-5955
fernando.ulacia@cclagroup.com
Jaime Balmes #8, Polanco, Mexico City, Mexico
https://cclagroup.com/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works