Mexico City, January 10th, 2024 – Terrafina (“TERRA”) (BMV: TERRA13), a leading Mexican industrial real estate investment trust (“FIBRA”), externally advised by PGIM Real Estate and dedicated to the acquisition, development, lease, and management of industrial real estate properties in Mexico, announced today the acquisition of a Class-A industrial property located in Monterrey through its sidecar vehicle. The acquisition implies a total investment of US$54 million, and the addition of a fully stabilized asset with a total GLA of 548,000 square feet, at a 6.8% cap rate. This property is used as a distribution center for a multinational tenant supporting nearshoring activity.
60% of this transaction was financed with asset-level debt, while the remaining 40% came from a 50% capital contribution from each partner.
As a result of this acquisition, Terrafina will i) have allocated more than half of the sidecar’s capital ahead of schedule, and ii) increased its presence in fast growing markets with attractive returns. This will unlock value to investors as new GLA is added to the portfolio without dilutive effects.
Alberto Chretin, Terrafina’s CEO, commented: “I am pleased to announce this new acquisition through our sidecar, which has now deployed 70% of its total fire power. We are focused on integrating the best industrial properties, mainly located in the North and Central regions of the country, which will allow us to have a consolidated portfolio in manufacturing for export, logistics, and distribution activities in Mexico’s main markets. We will continue to analyze opportunities that strengthen Terrafina, and more importantly, benefit our stakeholders.”
Francisco Martinez
Investor Relations Officer
Tel: +52 (55) 5279-8107
E-mail: francisco.martinez@terrafina.mx
Marimar Torreblanca
Miranda IR
Tel: +52 (55) 5282-2992
E-mail: marimar.torreblanca@miranda-newswire.com
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