ICM Announces Successful Refinancing of Santa Rosa Phase I Industrial Development

(January 2026 – Jalisco, Mexico) ICM Asset Management is pleased to announce the successful refinancing of Kampus Industrial Santa Rosa Phase I, a Class A industrial development located in the Guadalajara metro region, in Jalisco, Mexico.

This development comprises approximately 1.0 million square feet of gross leasable area across three buildings, achieved 100% leasing prior to construction completion, and is now fully operational.

Following completion in late 2023, Santa Rosa Phase I also achieved LEED Gold certification, a notable distinction within the industrial asset class. The project is leased to a roster of high-quality, institutional-grade tenants, including publicly listed and multinational companies operating across manufacturing, electronics, appliances, and pharmaceuticals.

In December 2025, the project was refinanced on improved terms with Scotiabank, generating the seventh capital distribution for investors in the last two years. Total capital distributions now exceed invested capital for participating investors, including one of Canada’s largest pension plans, while retaining full ownership of the asset. The refinancing reflects both the strength of the underlying cash flows and the quality of execution across development, leasing, and asset management.

“Santa Rosa Phase I is a strong example of disciplined development and long-term asset stewardship,” said Oscar Portillo, ICM’s Principal & Director of Investments in Mexico City, “Delivering full lease-up, sustainability certification, and a refinancing that returned more than invested capital in under two years underscores the resilience of the strategy and the depth of tenant demand in this market.”

The project is held within ICM-managed Mexican Real Estate Opportunities fund and continues to generate recurring operating income. Phase II of Kampus Industrial Santa Rosa is currently under development, including a 500,000 square-foot build-to-suit facility for Mabe, one of Latin America’s largest home appliance manufacturers. Phase II construction is approximately 75% complete, with occupancy expected in Q2 2026. ICM expects to deliver a further 1.0 million square feet within the park on currently owned land in the years ahead.

The Santa Rosa development is located within one of Mexico’s most supply-constrained industrial corridors, benefiting from proximity to the Port of Manzanillo, strong domestic demand, and sustained nearshoring trends.