Little by little, Mexico’s REIT or FIBRA market is beginning to move away from hybrid portfolios. The reorganization now underway at FIBRA Plus and FIBRA HD is one of the most recent examples of that shift: both are transferring assets between their portfolios to create two specialized vehicles, one focused on the industrial sector and the other concentrated in commercial, corporate, and mixed-use properties.

In a first phase carried out during the second half of last year, 22 non-industrial properties that had been part of FIBRA HD’s portfolio were transferred to FIBRA Plus. In a second phase, expected in the coming months, the industrial assets currently held by FIBRA Plus will migrate to HD. The transaction does not change control—FIBRA Plus is already the majority shareholder of HD—but instead aims to position each vehicle before investors with more specific investment mandates.

Under this structure, FIBRA HD would end up with roughly 13 industrial properties totaling about 249,000 square meters, valued at approximately 4.06 billion pesos. FIBRA Plus, for its part, would concentrate around 39 assets from other segments—commercial, corporate, educational, mixed-use, and residential—with an area close to 386,000 square meters and an estimated value of 14.31 billion pesos.

In that context, portfolio sizes will change unevenly. HD’s would shrink by roughly 16% in area and about 37% in value, while Plus’s would grow by approximately 14% in area and 20% in value. Although the adjustment does not represent an economic loss for the group, it does alter the composition and risk profile of both vehicles.

In the stock market, the announcement came amid a broader sector-wide correction. Between January 2 and March 13, the certificates of FIBRA HD and FIBRA Plus had posted declines of roughly 4% and 12%, respectively. After the February 24 announcement, however, the market did not react with a penalty: HD’s CBFI rebounded more than 10% in early March, while Plus continued trading within a relatively moderate range.

Beyond the exchange of assets between the two vehicles, the gross leasable area of the combined FIBRA HD and Plus portfolio declined by about 1.7% over the past year as a result of the divestment of roughly 11,000 square meters of commercial space, including assets such as Plaza La Roca, Plaza San Antonio, and Barrio Reforma. In 2025 alone, the trust received 38 offers for 20 properties in the process of being sold. In simple terms, they are selling assets that no longer fit their strategy while reshaping the portfolio.

This restructuring is not unique to Plus and HD. Since last year, several of the country’s leading real estate trusts have begun separating portfolios and concentrating assets by sector. FIBRA Uno, for example, spun off its industrial portfolio to create FIBRA Next, while FIBRA Prologis advanced the consolidation of logistics assets after acquiring FIBRA Terrafina and exploring the acquisition of FIBRA Macquarie.

If this trend continues, the HD-Plus episode could eventually be seen as part of a broader transition in which, after more than a decade of expansion based on diversified portfolios, the market begins to reward the opposite: more specialized vehicles, where sector discipline carries as much weight as portfolio scale in attracting capital.

For more analysis and data on Mexico’s REIT market, visit SiiLA FIBRA Analytics or contact us at contacto@siila.com.mx.