$94M in Lerma: A Deal That Explains FIBRA Prologis’ Growth

FIBRA Prologis once again acquired an asset developed by Prologis, its sponsor and primary source of properties.

This time, the acquisition involves a Class A logistics facility totaling nearly 55,000 square meters at Prologis Park Lerma, located in Toluca, State of Mexico. Fully occupied by Amazon, the property was acquired for $94 million and adds one of the most significant assets within a park that is still expanding.

Beyond the acquisition itself, the transaction illustrates how Prologis and FIBRA Prologis operate within the same platform. While the REIT acquires stabilized, cash-flow-generating assets, Prologis continues to maintain a pipeline of development projects.

At Prologis Park Lerma, for example, there are currently three completed buildings and two additional projects representing approximately 48% of the park’s planned rentable area. One is already under construction, and the other is in site preparation, with potential deliveries between late this year and mid-2027. In that context, the sale does more than transfer ownership of an asset; it also frees up capital for Prologis’ next stage of development.

What is happening in Lerma helps explain the scale FIBRA Prologis has reached.

At the end of the first quarter of 2024, the REIT owned 236 logistics and manufacturing buildings totaling 4.4 million square meters of gross leasable area. The acquisition of FIBRA Terrafina in the third quarter of that year nearly doubled its portfolio, adding approximately 273 properties and roughly 3.7 million additional square meters. Since then, the REIT has added eight more properties and now exceeds 8.1 million square meters nationwide. Of that total, 6.1 million square meters correspond to 350 logistics and manufacturing buildings located in Mexico’s main industrial corridors, with nearly one-third concentrated in the Mexico City metropolitan area.

Expansion, however, does not stop there. In addition to its recent acquisitions, the company estimates growth potential of approximately 23% over the next three to four years through its development pipeline and land reserves. Nearly one-fifth of that land bank is located in the Mexico City metropolitan area, a region that combines the country’s largest concentration of consumers with some of its most important logistics corridors—the type of market that has fueled the expansion of companies such as Amazon.

To learn more about Mexico’s REIT market, visit SiiLA FIBRA Analytics or contact us at contacto@siila.com.mx.