Michin Aquarium. The Strategic Investment Opportunity to Enhance FIBRA Danhos' Presence in Mexico City's Parque Tepeyac

FIBRA Danhos, the specialized real estate trust focused on commercial properties, is set to expand its retail portfolio with the largest aquarium in Latin America at Parque Tepeyac shopping center in the northeastern part of Mexico City. The grand opening of this colossal aquarium is slated for the second half of 2023. It will sprawl across nearly 30,000 square meters of space, marking an approximate 27% surge in Parque Tepeyac's gross leasable area (GLA), according to SiiLA's data.

The Michin Aquarium is an integral part of the "Second Phase" of Parque Tepeyac's development, which encompasses the creation of an "Entertainment and Cultural Center." Its primary goal is to enrich the range of leisure activities, thereby boosting foot traffic, as per a FIBRA Danhos report.

Beyond potentially increasing customer traffic and enhancing retail exposure, which could translate into higher sales figures, an aquarium of this magnitude, with a projected cost of 333.3 million USD dollars (at an average exchange rate of 18 Mexican pesos per dollar), has the potential to bolster customer retention and encourage repeat visits to the shopping center. Moreover, in terms of investment, it promises to elevate the mall's valuation and deliver robust financial gains for investors and owners.

Parque Tepeyac's Michin Aquarium will be home to over 200 marine species. It will feature modern and educational facilities, making it an appealing destination for families, maritime enthusiasts, and tourists. Thus, this development could draw a similar level of footfall to other complexes in the country, such as the Grand Aquarium Mazatlán in Sinaloa, which, with 26,000 square meters, stands as the largest in Latin America. According to its management, the aquarium attracts approximately 900,000 visitors annually.

Sustainability and Entertainment

FIBRA Danhos' new endeavor is an ambitious project that underscores the trust's commitment to innovation and continual improvement of its commercial properties. It propels economic growth in Mexico City and enriches the local community's culture and well-being. Currently, around 71% of the REIT's real estate GLA consists of commercial properties, including 50% of Parque Tepeyac's GLA, inaugurated in November 2022.

According to the trust, the aquarium will receive support from academic institutions for marine life preservation. Furthermore, it is anticipated that these new facilities will incorporate sustainable features, especially considering that maintaining them will require the filtration of approximately 4.5 million liters of water per hour, similar to the case of the Grand Aquarium Mazatlán.

In 2022, FIBRA Danhos reported the implementation of 130 measures to mitigate environmental impact at Parque Tepeyac, where 65% of the lighting is LED, and roughly 29% of the water used is recycled, thanks to a new wastewater treatment plant with a capacity of 7.4 liters per second.

Parque Tepeyac's Michin Aquarium is one of the most eagerly anticipated attractions in shopping centers this year. It promises to captivate visitors of all ages with an impressive array of marine life, solidifying its place as a benchmark in the region's entertainment and culture offerings.

For more information on this and other commercial real estate market topics, explore SiiLA REsource and contact us at contacto@siila.com.mx.