FIBRA Monterrey has just won the most important battle in its history. This weekend, the company moved into position to take control of FIBRA Macquarie after investors representing more than 80% of its outstanding certificates accepted its tender offer, satisfying the conditions required to complete the transaction.

The offer contemplates the acquisition of up to 100% of FIBRA Macquarie’s certificates. Based on the proposed terms, the transaction assigns an implied value of 49.37 pesos per certificate and approximately 39.4 billion pesos (about US$2.2 billion) to the company as a whole.

If completed, the combined platform would reach approximately 118 billion pesos (roughly US$6.6 billion) in consolidated total assets and more than 100 billion pesos (nearly US$5.5 billion) in real estate assets, according to the most recent financial statements of both companies. The resulting scale would place it among the largest institutional real estate platforms in Mexico.

Beyond the valuation, the transaction would reshape FIBRA Monterrey’s profile. Combined gross leasable area would exceed 5.5 million square meters, compared with its current 2.1 million square meters. Within the portfolio, the industrial segment’s share would move from 91% to 89%, while office properties would see their share decline from 8% to just 3%, and the retail component would increase from 1% to nearly 8%.

The transaction would also strengthen FIBRA Monterrey’s financial profile. Currently, about 80% of its revenue comes from industrial assets, and nearly 86% is denominated in U.S. dollars. The addition of FIBRA Macquarie would reinforce both characteristics: approximately 86% of its NOI comes from the industrial segment, while roughly 85% of its minimum future lease payments are denominated in dollars. Thus, rather than diversifying its income sources, the transaction would further consolidate a strategy increasingly focused on the infrastructure that supports North American manufacturing and trade.

That orientation would also be reflected in the portfolio’s geographic distribution. Nearly two-thirds of the combined inventory would remain concentrated in northern Mexico, while roughly one-fifth would be located in the Bajío region and more than 12% in central Mexico. The result would be a platform with exposure to virtually all of the country’s main manufacturing, logistics, and consumer corridors.

In addition to existing properties, the transaction would add future growth capacity. Among FIBRA Macquarie’s assets is an approximately 124-hectare land reserve in Tijuana with rights to develop a 90 MW electrical substation and up to 3.4 million square feet of industrial space. At a time when land availability and power capacity have become key constraints on new development, these assets could prove as strategic as the portfolio currently in operation.

The significance of the transaction, however, extends beyond the two companies. Following Prologis’ acquisition of Terrafina in 2024, Mexico’s FIBRA market appears to be moving into a new phase in which growth depends less on acquiring individual properties and increasingly on integrating entire platforms. If the integration is completed, FIBRA Monterrey will not only be larger but also more efficient. It will also help define a new era marked by scale, concentration, and institutional consolidation across Mexico’s real estate sector.

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