Mexico City, March 8th, 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 that, during a meeting held yesterday, March 7th, 2024, its Technical Committee, after having received from six different parties (including Fibra Prologis, each, a “Potential Offeror”)an unsolicited request for authorization pursuant to clause 3.7 of its Trust Agreement to acquire, if they so decide, more than 10% of the outstanding certificates (“CBFIs”) of Terrafina through a public tender offer for up to 100% of such CBFIs, and after deliberation and consultation with Terrafina´s advisors, it resolved that:
To protect the interest of all CBFI holders of Terrafina and to provide them with the opportunity to receive, analyze and consider all expressions of interest received by the Technical Committee, resolved to authorize (subject to any other governmental or other authorizations or consents that may be required) the request from all Potential Offerors, pursuant to clause 3.7 of the Terrafina Trust Agreement, so that each of them may, if they so decide, acquire more than 10% of the outstanding CBFIs, either directly or indirectly through one or more affiliates, subject to the satisfaction of the same terms and conditions, which are summarized in the full press release, available below.
The Technical Committee further resolved to authorize the management Subsidiary to continue working diligently, as it has done so far, with all Potential Offerors in conducting confirmatory due diligence and preparing the requests before governmental authorities, as necessary.
Finally, the Technical Committee instructed the Subsidiary to call, when it deems appropriate, an informational holder’s meeting in order to make available to the holders all existing information regarding the various strategic alternatives that the Technical Committee has analyzed, including information then made available by each of the Potential Offerors and information regarding the recently announced potential internalization of Terrafina´s management, among others.
Miranda Newswire: Full Press Release – Download PDF
Investor Relations Contact Details
Terrafina (BMV:TERRA13) is a Mexican real estate investment trust formed primarily to acquire, develop, lease and manage industrial real estate properties in Mexico. Terrafina’s portfolio consists of attractive, strategically located warehouses and other light manufacturing properties throughout the Central, Bajio and Northern regions of Mexico. It is internally managed by highly qualified industry specialists and externally advised by PGIM Real Estate.
Terrafina owns 291 real estate properties, including 287 developed industrial facilities with a collective GLA of approximately 42.8 million square feet and four land reserve parcels, designed to preserve the organic growth capability of the portfolio. Terrafina’s objective is to provide attractive risk-adjusted returns for the holders of its certificates through stable distributions and capital appreciations. Terrafina aims to achieve this objective through a successful performance of its industrial real estate and complementary properties, strategic acquisitions, access to a high level of institutional support, and an effective management and corporate governance structure. For more information, please visit www.terrafina.mx/en/
About PGIM Real Estate
With $210 billion in gross assets under management and administration1, PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum.
PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,2 and the local experience of professionals in 35 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.
1 As of December 31, 2023; AUA is $49 billion.
2 Includes legacy lending through PGIM’s parent company, PFI.
About PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), a leading global investment manager with more than $1.4 trillion in assets under management as of December 31, 2023. With offices in 46 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com
Forward Looking Statements
This document may include forward-looking statements that may imply risks and uncertainties. Terms such as “estimate”, “project”, “plan”, “believe”, “expect”, “anticipate”, “intend”, and other similar expressions could be construed as previsions or estimates. Terrafina warns readers that declarations and estimates mentioned in this document or realized by Terrafina’s management imply risks and uncertainties that could change in function of various factors that are out of Terrafina’s control. Future expectations reflect Terrafina’s judgment at the date of this document. Terrafina reserves the right or obligation to update the information contained in this document or derived from this document. Past or present performance does not guarantee future performance.