Business
JAM | May 13, 2021

First Rock closes major real estate transaction in Costa Rica

/ Our Today

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Development of 160 one-bedroom units being done in partnership with Grupo Inmobiliario del Parque

 Torres Los Yoses slated for completion in 2022.

First Rock Capital Holdings, through its Costa Rican subsidiary, First Rock Capital LATAM S.A., has closed on a major real estate deal in that country.

The development is being executed in partnership with Grupo Inmobiliario del Parque (GIP). The transaction saw First Rock partnering with GIP. Torres Los Yoses is a multi-storey residential development located in Los Yoses, San Jose, Costa Rica.

From left: Pierre Shirley, executive vice president (VP) of First Rock Group; Andrea Ramos, manager- real estate at Ernst & Young Costa Rica; Shaun Myers, First Rock assistant VP- finance & planning; and Kristian Federspiel, director of Torres Los Yoses FPSO S.A.

This development will see over 160 one-bedroom units being developed. The transaction represents the company’s third in the last 18 months, as it continues to increase its asset allocation in Costa Rica.

Jose Luis Salinas, president of Grupo Immobiliario del Parque.

In commenting on the transaction, GIP President Jose Luis Salinas said that “our company, which has been in the business for 28 years, is proud of this transaction. We have a lot experience dealing with International Investors and we have been very lucky that First Rock was recommended by one of the best deal advisors in the country, Alejandro Antillon.”

Costa Rican investment great opportunity

According to Alejandro Antillon, partner at Ernest & Young (EY) in Costa Rica, “Costa Rica represents a great investment opportunity to experienced sophisticated investors such as First Rock Capital. For us, it has been a great experience to work alongside First Rock’s team. They have evidenced a deep understanding of the industry and have taken advantage of it to make very solid investments in Costa Rica.”

Antillon said his company looks forward to continue working for such a distinguished client.

Pierre Shirley, executive vice president of First Rock Group. (Contributed)

Pierre Shirley, First Rock Group’s executive vice president, stated that “GIP is a very well-established developer in Costa Rica that has successfully executed over 13 projects in the last few decades.”

Shirley said First Rock established a relationship with GIP two years ago, having bought into one of its projects at the time and, to date, First Rock is very satisfied with the relationship and the performance of these assets.

“It is on this premise that we feel confident in strengthening our relationship with GIP and decided to partner with them on the Torres Los Yoses development, as we continue to explore opportunities in Costa Rica,” Shirley explained.

The value of the transaction was not disclosed.

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