FIBRA Monterrey (FMTY) to Sell Underperforming Las Torres Moradas for MXN$650M at 40% Discount

Amid an ongoing portfolio cleanup, FIBRA Monterrey has agreed to sell Las Torres Moradas—two office buildings in Monterrey with nearly 40% vacancy—for up to 650 million pesos (around 35 million dollars), plus taxes. The deal represents, however, 40% less than the acquisition cost of both buildings.

More than an accounting hit or an outright loss, the figure reflects the end of a cycle. Acquired in 2014 for just over a billion pesos (about 82 million dollars at the time), Las Torres Moradas delivered steady income over a decade, with monthly rents between 15 and 19 dollars per square meter and an average occupancy of 60%. Taken together, those cash flows helped offset much of the asset’s original cost.

Through this deal, FIBRA Monterrey continues to streamline its portfolio: offloading low-performing or hard-to-reposition assets to free up capital and focus on properties with stronger operating traction. So far, the trust has completed or agreed to sell nearly 80% of its underperforming office assets—which accounted for just 17% of its income-producing office portfolio—and could allocate proceeds to industrial investments, debt reduction, or share buybacks, depending on market conditions.

Among the most recent divestments are Fortaleza property in the State of Mexico, sold in July 2025 for 360 million pesos; Corporativo Axtel in Monterrey, sold in December 2024 for over 302 million pesos; and Prometeo, also in Monterrey, currently up for sale after its book value dropped from 419 to 398 million pesos between December 2024 and June 2025.

These portfolio adjustments align with a sustained drop in Monterrey’s office vacancy rate, which has fallen for six consecutive quarters and now stands at 12.9%—its lowest level in at least five years. Behind the trend is a limited delivery of new inventory—just a few thousand square meters—and accelerating demand. According to SiiLA, Monterrey recorded over 73,000 square meters of gross absorption in the first half of 2025—its highest first-half volume since 2020—and nearly 30,000 square meters of net absorption, the second-highest level on record.

During that period, demand came largely from companies in the automotive, real estate, construction, tech, legal, finance, mining and business services sectors, which together accounted for 73% of all absorption. That diverse base helps explain why, in a market defined by selective competition, portfolio cleanup remains a risk-mitigation strategy—especially in a corporate landscape tied to the industrial sector, where vacancies have tripled over the past year due to tenant turnover and a slowdown in new investment.

Each quarter, portfolios change shape. To keep up, loose figures aren’t enough—what’s needed is deeper insight. That’s what SiiLA FIBRA Analytics provides. Visit us or email contacto@siila.com.mx.