24 April, 2024 | #DatozByDatoz
In the first three months of 2024, Real Estate Investment Trusts (Fibras in Spanish) have invested around $382.6 million dollars ($6,271 million pesos) in the purchase of properties in the industrial, agro-industrial, and mini-warehouse segments, located in Monterrey, Querétaro, and Mexico City. Fibra MTY, Terrafina, Fibra Nova, and Fibra Storage were the trusts that made these investments.
Fibra MTY was the trust that made the most investments during 1Q 2024, totaling $290 million dollars in the acquisition of two industrial portfolios, one in Monterrey and the other in Querétaro.
Monterrey’s property portfolio consists of eight stabilized class A industrial buildings, totaling a gross leasable area (GLA) of 186,105 square meters (m2), with a 100% occupancy rate. The buildings are distributed across four industrial parks. The tenants of the portfolio are mainly light manufacturing companies, primarily from the automotive sector, and e-commerce companies. Rent is denominated in both dollars and pesos.
Querétaro’s portfolio consists of six stabilized class A industrial buildings, with a GLA of 93,525 m2, as well as two land reserves for expansion. The industrial warehouses are located within the Aerotech industrial park.
With an investment of $54 million dollars, Terrafina acquired an industrial property located in Monterrey through its sidecar. This is to integrate more and better properties from the northern region into the trust’s portfolio to have a consolidated portfolio in manufacturing for export, logistics, and distribution activities.
The property has a gross leasable area (GLA) of 548,000 square feet (ft2) and operates as a distribution center for a multinational tenant.
Fibra Nova acquired an agro-industrial property in Chihuahua, which was financed through an issuance of 17,758,621 additional Real Estate Trust Certificates (CBFIs) at a price of $29.00 pesos per CBFI, raising an amount of $515 million pesos ($31.4 million dollars). This property is leased for 15 years under a triple net lease agreement in dollars.
Fibra Storage invested 7.2 million dollars in the acquisition of four mini-warehouse properties, three of them located in Monterrey and one more in Mexico City.