Chazen * Real Estate Study Tour

March 16 – 24, 2019

*NOTE: The Real Estate Study Tour is no longer going to Panama Organizers

April Jason Valentina Federica Chris Chye Yun Pardo Burelli Grube Why Mexico now? • The nominal GDP of Mexico is $1.177 trillion, making it the 14th richest country in the world – Mexico has trade agreements with 40 countries, including the United States and many countries in the EU • Mexico’s fledgling market for real-estate investment trusts has come a long way since Fibra Uno launched the first Mexican REIT (also the first Latin American REIT) in 2011 • Large foreign direct investment, coupled with population growth and the broadening of the service sector, is fueling a growing commercial real estate market in Mexico City

What else is special? • Mexico City is built on a lake called Texcoco – The city is constantly sinking and has sunk more than nine meters in some areas over the last 100 years • Mexico City is the largest Spanish- speaking city in the world; it is the richest city in • Mexico City is a street food paradise – With a pedigree dating back to pre-Hispanic times – the Spaniards were reportedly amazed when they arrived to find ready-to-eat food they called antojitos (“little cravings”) for sale on the streets and in the markets Company Visits (Tentative) Zocalo

Panama Canal

Museo de Antropologia

Museo Soumaya

Castillo de Castillo de Chapultepec Casa Azul Teotihuacan Zocalo

Panama Canal

Castillo de Chapultepec Castillo de Chapultepec Casa Azul Teotihuacan Zocalo

Panama Canal

Tentative Trip #1: Holbox Island • remote, car-less, laid-back island off of Yucatan Peninsula • pristine beaches and azure waters • delicious seafood • explore marine life • street art Castillo de Chapultepec Castillo de Chapultepec Teotihuacan Zocalo

Panama Canal Tentative Trip #2: Oaxaca

• colonial old town renowned for its food • tour and taste mezcal at artisanal production facilities • expedition to natural rock formations “Hierve el Agua”

Castillo de Chapultepec Castillo de Chapultepec Teotihuacan Zocalo

Panama Canal

Tentative Trip #3: Cabo San Lucas

• Resort city at the southern tip of the Baja California Peninsula • Known for its beaches, scuba diving locations, balnearios, the sea arch El ArcoCastillo de Cabo de Chapultepec San Lucas, Castillo de Chapultepec and marine life Itinerary (Tentative)

Dates: March 16 – 24, 2019

Number of students: 36 student participants (including 5 student organizers) Tentative Tentative Idea #1: Idea #3: Holbox Cabo San Island Lucas Mexico City Faculty Advisor: Tentative Idea #2: Leanne Lachman Oaxaca Itinerary (Tentative)

Saturday 3/16 Sunday 3/17 Monday 3/18 Tuesday 3/19 Wednesday 3/20 Thursday 3/21 Friday 3/22 Saturday 3/23 Sunday 3/24

9:00 AM Banamex / Citi JLL Mexico - Travel Time 9:30 AM Iñaki Echeverria Real Estate Market Overview 10:00 AM Travel Time Banking AIG Global Real Travel Time Travel Time 10:30 AM Travel Time Travel Time Estate Brekfast Potential Travel Time 11:00 AM Hospitality San Jose del Basilica de 11:30 AM International Flight Prologis Reichman Company Visit Cabo Guadelupe & Travel to Airport 12:00 PM NYC - Cabo/Cancun (for Hines International Lunch Tlatelolco Tour 12:30 PM Holbox)/Oaxaca Travel Time 1:00 PM Lunch Lunch Lunch at Travel Time Travel Time Lunch 1:30 PM Lunch "Fishers" Diemetro 2:00 PM Restaurant Lunch Travel Time Travel Time Architectos 2:30 PM LBR - Tour of 3:00 PM Travel Time PREI Torre Bancomer Travel Time Travel Time 3:30 PM 4:00 PM Domestic Flight Travel Time Visit to Check into Hotel Travel Time 4:30 PM Mezcaleria Tour Cabo/Cancun/Oax Gfa Grupo LBR - Tour of Teotihuacan Thor Urbana 5:00 PM aca - Mexico City Immobiliarion Torre Bancomer Pyramids & Capital Travel Time 5:30 PM SEDUVI (Dev. & Whale Watching/Island Flight back to 6:00 PM Travel Time / Housing) Hopping Travel Time New York 6:30 PM Hotel Stop Dinner Travel Time Travel Time 7:00 PM Dinner at "El Travel Time 7:30 PM Cardenal" Dinner 8:00 PM Welcome Dinner Dinner at Hotel Dinner at Hotel Dinner at "El Dinner at Hotel 8:30 PM Alumni/Sponsor Lago" Restaurant Hipodromo de las 9:00 PM Drinks Americas & 9:30 PM Local Nightlife Rooftop Bar Hotel Bar Bull Café & Bar Royal Yak Casino 10:00 PM Mama Rumba Last night Social 10:30 PM Salsa Club 11:00 PM

Social Activity Company Visit Site Tour Meal Travel Time Cultural Activity (Optional) Budget • Per person: $1,800 - $2,000 • Includes the following: – Ground Transportation within Mexico – Airfare within Mexico – Admissions and tour guides for cultural site visits included in the itinerary – Most meals – 4-5* hotel accommodation (double occupancy) – Gratuity for tour guides & drivers

• Does not include the following: – Roundtrip airfare from NYC – Cabo/Holbox/Oaxaca and Mexico City – NYC (approx. $350-600) – Personal purchases and optional activities – Travel vaccinations – Visas (as necessary) Chazen Logistics

• Only full-time MBA students can attend (no significant others) – Students with holds on their accounts will not be able to participate – Students must attend the entire tour and all company visits are mandatory – Students must have valid travel medical insurance – Please do not attempt to shadow this trip – Sign up is through a Dutch auction bidding process: chazentours.gsb.columbia.edu

• Participants must be a member of the Real Estate Association by the start of the trip

• Study tour Bidding Dates: – Bidding Start: Thursday, November 8 – Tuesday, November 13, 4pm – Bidding Result: posted Wednesday, November 14 – All successful bidders will receive an email to pay a $500 non-refundable deposit within 48 hours – Unsuccessful bidders will be placed on a waitlist (based on bid amount-highest to lowest. If a students secures a spot on the tour, he will be charged his/her waitlist bid amount Questions? Please reach out to Jason Yun ([email protected])