Main Features

As a result of Acosta Verde’s more than 30 years of experience in the development, operation, and management of community centers, the Sendero concept and brand was born in 2002 with the opening of Plaza Sendero Escobedo in the state of Nuevo Leon.

Since their inception, Sendero shopping centers have been known for their high occupancy and visitor traffic, even amid challenging times such as the financial crisis of 2008-2009.

Likewise, Sendero shopping centers stand out for offering a mixed concept of shopping and entertainment where retail stores and movie theaters act as anchors.

All of the above has allowed the company to become one of the leading retailers in Mexico, consolidating solid and lasting commercial relationships with the most recognized brands in the country.

Cornerstones of the Plaza Sendero Concept

Focus on Shopping Experience

  • Highest quality facilities
  • Ongoing events, activities, and promotions to drive visitor traffic
  • Free Internet
  • Loyalty plan to encourage recurring visits
  • Sendero Day, which is a celebration held once a month

    Tenant Composition    

  • Constant tracking of the latest market trends
  • Behavioral analysis of the target population
  • Offer adapted to the results of the two previous points to satisfy the entertainment, social, and shopping needs of visitors

          Exclusive Location            

  • Presence in major and strategic cities
  • Constant search for locations with attractive demographic profiles
  • Located on main avenues, with high vehicle traffic, great visibility, and easy access for visitors

Retail Focus

  • Essential business by satisfying consumer, convenience, entertainment, and service needs
  • Target market is socioeconomic segments C and D+
  • Location in metropolitan areas and strategic cities in Mexico where there is an under-penetration of community centers and with significant population growth

Physical Characteristics and Layout

  • Average GLA of 35,000 m2 on approximately 15 hectares of land plot
    Generally including the following:
  • 1 supermarket
  • 1 movie theater complex
  • 4-5 department store
  • 2-3 bank branches
  • 2-4 stores (department stores, banks or restaurants) in stand-alone format in the parking area
  • 4-6 stand-alone restaurants plus a food court
  • ~100 stores for entertainment, clothing, footwear, electronics, gyms, among others
  • Air-conditioned and covered spaces
  • Essentially, each Sendero shopping center is a secure environment designed to meet the shopping and entertainment needs of Mexico’s middle and lower-middle income population

  • Below is a diagram that roughly shows how the GLA is distributed at each Sendero shopping center.

Operational Strategy

  • Proven model (layout and operation) where anchor stores and tenant composition are major drivers in shopping center performance
    Strong focus on entertainment and leisure, including:
  • Tenants with brands engaged in children’s and family entertainment as a fundamental component of the shopping center’s offering;
  • Social events for all ages, concerts with famous artsts
  • Increased business hours of gyms and fitness centers
  • Sendero is a community gathering point
  • During 2020, in the face of the lockdown measures, Sendero continued to innovate, introducing live broadcasting of a number of family events, allowing our customers to enjoy them from their homes and promote the Sendero brand;
  • High occupancy rates since each opening, as ~50% of the GLA is leased to national chains, which have been with Acosta Verde in each new project.
  • Use of social media to attract new clients and strengthen the loyalty of current clients through customized experiences
  • Constant maintenance of the facilities, which allows the properties to operate efficiently
  • Special focus on safety and security

Proven Results

  • From their opening, they have high occupancy levels (target of at least 80% occupancy, without considering anchors), with predictable rents due to its long-term contracts.
  • Generate a high visitor traffic (approximately more than 100 million per year; pre-COVID).
  • High renewal rates.


At year-end 2020, Grupo Acosta Verde’s portfolio consisted of 18 properties, 16 in operation and 2 under development.

The Operating Portfolio is classified in 2 categories: i) the Stabilized Portfolio, comprised of shopping centers with an average age of 14.9 years, with high occupancy levels and stabilized revenue, where we also have eight sub-anchors acquired in 2017, whose premises are in some of the Stabilized Shopping centers. ii) Portfolio in Stabilization, made up of shopping centers opened as of 2016 (average age of 3.4 years at the end of 2020), which we believe have great growth potential

Regarding the Portfolio under Development, as of the date of this report, on March 11, 2021 the Sendero Santa Catarina shopping center opened, while the construction of Sendero Ensenada remains on hold due to the prevailing backdrop and its opening date is yet to be defined.

Moreover, we continue searching for new investment opportunities in the market, given our available resources, which we consider to be a competitive advantage. In this regard, we are continuously analyzing new investment opportunities to expand the portfolio and boost the Company’s profits. At the same time, we expect to raise brand awareness through the acquisition of new shopping centers and effective marketing strategy.

Visitors (millions)
Property Portfolio Opening Main anchors # of premises 2020
2019 (1) % AV (2) AV’s co ownership
share (3)
Sendero Escobedo Stabilized 2002 Soriana, Cinépolis 243 4.7 8.5 100.0% 33.2%
Sendero Las Torres Stabilized 2003 Soriana, Cinépolis 192 5.9 13.7 100.0% 49.7%
Sendero Periférico Stabilized 2004 Soriana, Cinépolis 222 8.2 11.7 100.0% 31.8%
Sendero Ixtapaluca Stabilized 2005 Soriana, Cinépolis 188 3.8 6.7 100.0% 45.5%
Sendero San Luis Stabilized 2006 Soriana, Cinépolis 186 4.7 8.0 100.0% 47.8%
Sendero Toluca Stabilized 2006 Soriana, Cinépolis 210 5.1 8.7 100.0% 48.4%
Sendero San Roque Stabilized 2006 Soriana, Cinépolis 123 3.8 4.7 100.0% 20.6%
Sendero Juárez Stabilized 2008 Soriana, Cinépolis 201 3.3 6.5 100.0% 52.9%
Sendero Apodaca Stabilized 2008 Soriana, Cinépolis 202 6.0 8.2 100.0% 78.7%
F2715 Stabilized - - 8 - - 50.0% -
Sendero Chihuahua In Stabilization 2016 Smart, Cinépolis 164 1.9 4.3 56.9% 100.0%
Sendero Los Mochis In Stabilization 2016 Ley, Cinépolis 190 2.8 4.7 56.9% 100.0%
Sendero Tijuana In Stabilization 2016 Ley, Cinépolis 207 3.8 6.2 75.6% 100.0%
Sendero Sur In Stabilization 2017 Merco, Cinépolis 219 3.5 5.0 75.6% 100.0%
Sendero Obregón In Stabilization 2017 Ley, Cinépolis 169 2.1 3.4 75.6% 100.0%
Sendero Culiacán In Stabilization 2018 Ley, Cinépolis 209 2.9 4.6 75.3% 100.0%
Sendero Mexicali In Stabilization 2018 Ley, Cinépolis 201 2.8 4.1 100.0% 100.0%
Sendero Santa Catarina Under development Marzo 2021 Merco, Cinépolis 225 N/A N/A 40.0% 100.0%
Sendero Ensenada Under development Por definir Ley, Cinépolis 178 N/A N/A 100.0% 100.0%

(1) Pre-pandemic levels
(2) Percentage of total revenue and NOI generated by the GLA owned by Acosta Verde and consolidated in the Company’s financial statements
(3) Acosta Verde’s co-ownership share of each shopping center

Geographic Footprint

Sendero shopping centers are in cities nearby and/or within industrial or service zones.

As of December 31, 2020, the 18 properties comprising Acosta Verde’s Consolidated Portfolio were distributed in nine states, mainly in the northeast and northwest region of Mexico.

Point Shopping Center Location
1 Sendero Escobedo Escobedo, Nuevo León
2 Sendero Las Torres Ciudad Juárez, Chihuahua
3 Sendero Periférico Reynosa, Tamaulipas
4 Sendero Ixtapaluca Ixtapaluca, Estado de México
5 Sendero San Luis San Luis Potosí, San Luis Potosí
6 Sendero Toluca Lerma, Estado de México
7 Sendero San Roque Juárez, Nuevo León
8 Sendero Apodaca Apodaca, Nuevo León
9 Sendero Juárez Ciudad Juárez, Chihuahua
10 Sendero Chihuahua Chihuahua, Chihuahua
11 Sendero Los Mochis Ahome, Sinaloa
12 Sendero Tijuana Tijuana, Baja California
13 Sendero Sur Saltillo, Coahuila
14 Sendero Obregón Cajeme, Sonora
15 Sendero Culiacán Culiacán, Sinaloa
16 Sendero Mexicali Mexicali, Baja California
17* Sendero Santa Catarina Santa Catarina, Nuevo León
18* Sendero Ensenada Ensenada, Baja California

*Properties under development as of December 31, 2020.

Main Tenants

One of Sendero’s core strengths, and Acosta Verde’s in general, are the strong and long-lasting relationships with its tenants, most of whom follow the Company in each project (up to 50% of the GLA of each new shopping center is pre-leased).

In this regard, the Sendero shopping centers are distinguished for opening with high occupancy rates, enabling the properties to achieve high visitor traffic and a diversified offer from day one. For this purpose, Acosta Verde has a robust nationwide sales force that is in constant communication with each tenant, to act ahead of their main growth initiatives.

At the same time, Acosta Verde’s sales force seeks to attract new tenants, who are closely followed up when they settle in one of the Company’s shopping centers, to anticipate service requests, thus seeking to ensure future lease renewals on favorable terms for both parties.

Thus, Acosta Verde’s tenant base is comprised of recurring tenants (who operate in more than 6 of the Company’s shopping centers) and new prospects from local, regional, or national chains.

Among our most prestigious commercial partners are Soriana, the second largest supermarket chain in the country, Cinépolis, the leading movie theater operator in Mexico, and Liverpool, the leading department store chain nationwide, integrating its Suburbia concept in some of Acosta Verde’s new developments.

Likewise, thanks to the constant pursuit of new commercial relationships with leading brands that strengthen the retail offer of each Sendero shopping center, brands such as Casa Ley (one of the leading supermarkets in the northwest region of Mexico), Merco, Smart, C&A, Happyland, Circus Park, SmartFit, Promoda, Miniso, Carl’s Jr, Starbucks, among others, have been incorporated.

It is important to mention that when the maturity date of the leases approaches, Acosta Verde’s renewal and retention team is in charge of the renewal negotiations, aiming to achieve the highest renewal rate possible and to increase the lease spread (indicator that reflects the variation between the average rent of a set of renewed leases against the previous average rent of such leases).

Our Tenants

Characteristics of the Lease Contracts

As of December 31, 2020, Acosta Verde held approximately 1,614 lease contracts, with a significant diversification by industry and location, which ensures the primary focus on satisfying the main consumption, convenience, and service needs of visitors.

In addition, the Company has around 280 leases in common areas, which contribute to the Company’s operating income.

Our Top 10 Tenants by GLA                    
Tenant # of
GLA(m2) % of
total GLA
Cinépolis 15 64,282 17.1%
Casa Ley 5 33,686 9.0%
Suburbia 3 19,029 5.1%
Coppel 13 18,622 5.0%
Famsa 6 13,666 3.6%
Woolworth 6 11,551 3.1%
Promoda 4 7,179 1.9%
Merco 1 5,463 1.5%
Parisina 8 5,411 1.4%
G-Mart 1 4,906 1.3%
Total 62 183,795 48.9%
Lease Contracts Breakdown by Sector as a Percentage of GLA and Fixed Rent
Fixed Rent Breakdown by
% Base Rent % GLA
Food & Beverage 15.9% 9.9%
Entertainment 15.8% 22.0%
Clothing & Footwear 14.1% 10.7%
Department Stores 13.3% 21.5%
Specialty 8.9% 6.0%
Accessories 5.6% 2.2%
Telephony 4.2% 1.8%
Retail 3.8% 11.7%
Banks 2.6% 2.3%
Sports 2.6% 1.5%
Furniture 1.7% 2.6%
Others 11.5% 7.8%

Key Operating Metrics

At the end of 2020, the operating portfolio consisted of 16 shopping centers, all developed and operated under the Community Center format that characterizes the Sendero brand, of which 9 are stabilized (170,261 m2) and 7 are in stabilization (237,334 m2).

Additionally, the stabilized portfolio includes eight sub-anchors acquired in 2017 through a trust (Trust identified as CIB 2715) whose premises are located at five Stabilized Shopping centers. The Company receives income from this trust, which is not consolidated in Acosta Verde’s financial statements and is recorded using the equity method (the Company’s stake is 50%).

Occupancy of the Operating Portfolio

Operating portfolio occupancy decreased from 95.7% as of December 31, 2019 to 92.3% at year-end 2020, due to reductions of 2.3 pp. and 4.2 pp. recorded in the stabilized and stabilizing portfolios, respectively.

Despite the contraction in the occupancy rate of the operating portfolio, it is important to note that since the onset of the health contingency we have kept close contact and dialogue with our commercial partners (with whom we have long-lasting business relationships), which allowed us to mitigate the impact on the occupancy rate to only 3.4 pp. YoY.

Occupancy Breakdown by Property
Property GLA(m2) Occupancy
at year-end
Sendero Escobedo 15,477 97%
Sendero Las Torres 19,083 98%
Sendero Periférico 13,962 98%
Sendero Ixtapaluca 18,702 97%
Sendero San Luis 17,773 96%
Sendero Toluca 20,195 97%
Sendero San Roque 6,026 92%
Sendero Juárez 20,975 95%
Sendero Apodaca 26,355 94%
F2715 Subanclas(1) 11,713 100%
Total Stabilized 170,261 97%
Sendero Chihuahua 25,351 84%
Sendero Los Mochis 34,441 89%
Sendero Tijuana 39,203 98%
Sendero Sur 36,897 84%
Sendero Obregón 30,637 83%
Sendero Culiacán 38,068 91%
Sendero Mexicali 32,737 92%
Total in Stabilization 237,334 89%
Total 407,595 92%

(1) Refers to 8 sub-anchor stores located in different Sendero shopping centers in Chihuahua, State of Mexico, Tamaulipas, and San Luis Potosi.

Visitor and Vehicle Traffic

Visitor traffic to Acosta Verde’s shopping centers decreased 40% YoY in 2020, attributable to the effects of COVID-19 outbreak, which prompted municipal, state, and federal authorities to implement different measures to encourage people to stay at home for most of the year.

Similarly, vehicle traffic in shopping center parking lots decreased 21.2% YoY, to 16.2 million vehicles from 21.3 million vehicles in 2019. The chart below shows the year-over-year comparison of vehicle traffic by quarter.

(millions of visitors)

Quarterly Vehicular Traffic in Parking Lots
(millions of vehicles)

Contract Maturities

The following table shows the maturities of existing contracts as of December 31, 2020, both in terms of GLA and fixed rent.

Year Number of
GLA of
contracts (m2)
% of GLA
Fixed rent
% of
fixed rent
2021 661 76,619 20% 24,899,172 31%
2022 461 51,129 14% 16,571,841 21%
2023 305 60,114 16% 13,919,257 17%
2024 46 18,039 5% 3,708,638 5%
2025 22 6,711 2% 1,509,032 2%
2026 and onward 119 163,031 43% 19,112,752 24%

It is noteworthy that most of the GLA matures after 2026.

Lease Renewal and Lease Spread

During 2020, 241 leases were renewed, equivalent to 22,084 m2 of GLA corresponding to the Operating Portfolio.

The Lease Spread for the year (indicator that reflects the variation between the average rent of a set of new leases compared to the average rent that matured in relation to the same set) was 3.5%, using as a basis for comparison the 25,385 m2 renewed and replaced during 2020.

Economic Contribution(1)

In line with operating results, the economic contribution of each of the properties comprising the operating portfolio declined on a year-over-year basis due to the impacts of the pandemic.

Below are the financial results of the portfolio on a cash flow basis as of December 31, 2020.


The portfolio’s revenue corresponds to Fixed Rent, Variable Rent (% of sales), Common Areas (parking, advertising, common space rental) and Lease Fees.

Property Revenue
Total Revenue
(thousands of
Mexican pesos)
2019 2020 Ch. %
Sendero Escobedo 64,915 41,963 (35.4%)
Sendero Las Torres 79,456 55,755 (29.8%)
Sendero Periférico 45,587 42,670 (6.4%)
Sendero Ixtapaluca 78,890 50,375 (36.1%)
Sendero San Luis 89,879 65,131 (27.5%)
Sendero Toluca 105,941 68,246 (35.6%)
Sendero San Roque 10,466 4,188 (60.0%)
Sendero Juárez 53,336 34,878 (34.6%)
Sendero Apodaca 92,321 66,492 (28.0%)
F2715 Subanclas(2) 40,449 24,043 (40.6%)
Stabilized Portfolio 661,240 453,741 (31.4%)
Sendero Chihuahua 60,303 37,546 (37.7%)
Sendero Los Mochis 63,729 44,569 (30.1%)
Sendero Tijuana 93,999 75,469 (19.7%)
Sendero Sur 63,578 46,944 (26.2%)
Sendero Obregón 44,571 34,919 (21.7%)
Sendero Culiacán 76,124 52,824 (30.6%)
Sendero Mexicali 67,150 48,627 (27.6%)
Portfolio in Stabilization 469,454 340,898 (27.4%)
Total 1,130,694 794,638 (29.7%)

(1) Note: The information disclosed in the Economic Contribution subsection considers the following
The information shown is on a cash flow basis and not on an accrual basis.
The information of the following shopping centers includes minority interests where Acosta Verde has a stake: Chihuahua 56.9%, Los Mochis 56.9%, Tijuana 75.6%, Sur 75.6%, Obregon 75.6%, Culiacan 75.3%, and Mexicali 100%.
(2) Includes 100% of the revenue and or NOI from the CIB 2715 Trust, which are not consolidated in Acosta Verde and are recorded by the equity method (Acosta Verde’s stake is 50%).

Revenue Breakdown (Consolidated)
Revenue Breakdown
(thousands of Mexican pesos)
2019 2020 % Ch.
Fixed Rent 941,874 690,815 (26.7%)
Variable Rent 83,378 34,810 (58.3%)
Common Areas 84,021 52,564 (37.4%)
Lease Rights 21,421 16,448 (23.2%)
Total Revenue 1,130,694 794,638 (29.7%)


NOI Breakdown by Property
Total NOI
(thousands of Mexican pesos)
2019 2020 % Ch.
Sendero Escobedo 59,982 37,420 (37.6%)
Sendero Las Torres 74,989 51,544 (31.3%)
Sendero Periférico 43,025 40,525 (5.8%)
Sendero Ixtapaluca 73,714 45,913 (37.7%)
Sendero San Luis 84,583 60,172 (28.9%)
Sendero Toluca 99,485 62,662 (37.0%)
Sendero San Roque 7,077 1,482 (79.1%)
Sendero Juárez 47,181 29,583 (37.3%)
Sendero Apodaca 71,560 45,134 (36.9%)
F2715 Subanclas(1) 39,890 23,510 (41.1%)
Stabilized Portfolio 601,486 397,945 (33.8%)
Sendero Chihuahua 53,237 30,747 (42.2%)
Sendero Los Mochis 55,456 36,547 (34.1%)
Sendero Tijuana 85,960 68,910 (19.8%)
Sendero Sur 56,589 39,847 (29.6%)
Sendero Obregón 36,223 27,015 (25.4%)
Sendero Culiacán 65,372 43,829 (33.0%)
Sendero Mexicali 59,802 42,640 (28.7%)
Portfolio in Stabilization 412,639 289,535 (29.8%)
Total 1,014,125 687,478 (32.2%)

The following graph shows NOI evolution for 2016 - 2020 as well as NOI margin: