Last August, Fibra MTY announced the signing of an agreement for the sale of two office buildings known as Las Torres Moradas, located in Monterrey. The transaction amount is $650 million pesos. The real estate investment trust explained that the operation is part of its strategy to divest offices and other assets in order to optimize its property portfolio.
Fibra MTY’s initial portfolio
The initial portfolio with which Fibra MTY debuted on the Mexican Stock Exchange (BMV) consisted of nine properties totaling 132,698 m2 of GLA, seven of which were office buildings and only two were industrial buildings; that is, 64% of the GLA corresponded to office space, while 34% corresponded to industrial space.
However, over the past ten years, Fibra MTY has gradually modified the composition of its portfolio to be predominantly industrial. In 2022, it announced the possible conversion or divestment of underperforming assets in order to maintain a high-quality portfolio.
Offices, the main target for divestment
Among the assets that Fibra MTY identified as candidates for divestment since 2022 were the office properties: Cuadrante, Torre Morada 1, Atento, and Axtel, which had a total GLA of more than 52,000 square meters.
In line with this strategy, in December 2024 Fibra MTY sold the Axtel building, located in San Pedro Garza García, for $15 million. At the time of sale, this 12,937-square-meter property was 100% vacant.
Even though it was not on the list of assets to be divested, in July 2025, it sold the Fortaleza building, located in the Interlomas office corridor, which has a GLA of 15,259 square meters. The transaction was closed for $360 million pesos.
The famous Torres Moradas in Monterrey, with a GLA of 31,536 square meters, will be added to this list.
Upcoming office divestments
According to the strategy, the divestments of Atento and Cuadrante are still pending. The former is a 4,302 m² office building located in the Santa Catarina corridor of the Monterrey market. The latter, Cuadrante, is a 4,520 m² Class B office building located in Ciudad Juárez.
Fibra MTY indicated that to date it has managed to sell or sign sales agreements for approximately 80% of its underperforming office portfolio and 17% of its productive portfolio in the same segment.
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