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Prominent Industrial REIT in Mexico Eyed By Multiple Investors

Fibra Mty is the latest major investor to enter the fray, studying the acquisition of 100% of Fibra Terrafina's shares as of last week, aiming to become Mexico's largest industrial property owner. Fibra Terrafina, currently the second-largest industrial REIT in Mexico with a market cap nearing $2 billion, has seen a 17% increase in its stock value in 2024 due to multiple acquisition bids. Fibra Macquarie and Fibra Prologis have also expressed interest, with Prologis proposing a significant share swap that would expand their industrial holdings to over 8.4 million square meters.



A handful of major investors in Mexico are attempting to purchase Fibra Terrafina through a public tender offer ("PTO") of the REIT's real estate trust certificates (CBFIs). The market cap for Terrafina on May 6, 2024, stood at nearly $2 billion, making it the second largest industrial REIT in Mexico behind only Fibra Prologis with a market cap just under $5 billion.


The stock has experienced around a 17% increase in value this year due in large part to the high number of bidders. Fibra Terrafina has indicated that the price offered for the CBFIs must be the same for all holders.


Fibra Macquarie


Fibra Macquarie has a market cap of $1.67 billion making it the third-largest in Mexico by market cap, just behind Terrafina. Macquarie made an offer in April to purchase shares of Terrafina in a share swap. The merged entities would likely make it the largest industrial property owner in Mexico, nosing past Prologis.


 

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Fibra Mty


According to a company statement released last Thursday on May 2, Fibra Mty is studying the viability of purchasing 100% of Terrafina's shares. Fibra Mty's market cap exceeds $1 billion, and combining with Fibra Terrafina would make it one of the largest REITs in Mexico and likely the country's largest industrial property owner, surpassing Prologis.


Fibra Prologis


Fibra Prologis is the largest industrial REIT in Mexico with a market cap exceeding $5 billion. In February, it made public its intentions to acquire Terrafina's shares through a PTO. The merged entities would push Prologis' industrial holdings to over 8.4 million square meters (i.e., 90.4 million square feet). Discussions began between the parties in December 2023 and have been described as amicable.


Fibra Prologis has proposed a share swap of 58 CBFIs of Fibra Prologis for each share of Terrafina.


Fibra UNO


Fibra UNO is the largest REIT in Mexico with a market cap exceeding $5 billion. The REIT has plans to list Fibra Next, which would be a spinout of its industrial properties to form another REIT in Mexico. The IPO was scheduled for November 2023 but was halted unexpectedly by the authorities over missing documentation.


Fibra Uno's deputy CEO has confirmed the IPO is moving forward, but not much else is known publicly. The IPO is expected to raise up to 15 billion pesos (i.e., $875 million) through the issuance of 277.8 million Real Estate Trust Stock Certificates at 54 pesos each.


Fibra Next is anticipated to have a total of 7.2 million square meters (i.e., 77.5 million square feet) of total GLA. Its initial portfolio will include 199 properties, of which approximately 98.5% are already stabilized.


FUNO's proposal to Terrafina is to collaborate and combine the joint industrial assets into a new subsidiary entity. The proposal is being considered by Terrafina and by the terms the parties have 90 days to work out a deal and agree on the price.

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