The potential acquisition of Fibra Macquarie by Fibra Prologis represents one of the most significant moves in Mexico’s real estate investment trust (REIT) sector. If completed, it would position Fibra Prologis as the largest industrial REIT in the country, with close to 600 properties and 9 million m².
The agreement, known as the Transaction and Covenant Agreement (TCA), establishes that Macquarie will transfer to Prologis all its rights and obligations under the existing management contract, subject to certain conditions. Among them is that Fibra Prologis must acquire at least a majority of the outstanding Real Estate Trust Certificates (CBFIs) not owned by Macquarie.
According to information released by the Mexican Stock Exchange (BMV), the proposal includes a fixed exchange ratio of 0.525 Fibra Prologis CBFIs for each Fibra Macquarie CBFI, or alternatively, a cash consideration of 40 pesos per certificate, up to a maximum amount of approximately 7.973 billion pesos, equivalent to 25% of the outstanding certificates as of February 24, 2026.
Consolidation and Impact on the Industrial Market
As of the end of 2025, Fibra Prologis had a portfolio of 350 industrial properties and 6.1 million m² of gross leasable area (GLA). Notably, the acquisition of Terrafina in 2024 significantly expanded its scale, doubling the trust’s size to reach 345 properties and 6.08 million m² of GLA, reflecting the direct impact of that transaction. Prior to this deal, Fibra Prologis’ portfolio consisted of 234 properties and 4.3 million m² of GLA.
This move substantially increased its inventory and strengthened its presence in key manufacturing and trade markets, positioning it as the leading industrial REIT in Mexico.
With the potential acquisition of Fibra Macquarie, its portfolio would expand to approximately 595 industrial properties, adding around 2.9 million m² of GLA—equivalent to more than 200 large-format industrial buildings.
Ultimately, the consolidation between these REITs reflects a maturing sector, where portfolio quality and professional management are becoming critical factors in generating long-term value.
If the transaction receives regulatory approvals and support from certificate holders, it could set a precedent in shaping Mexico’s industrial REIT market and raise the competitive standard.
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