FIBRA Mty obtains authorization to acquire 46 properties

FIBRA Monterrey, a Mexican real estate investment trust (FIBRA), has announced that its holders' meeting has authorized the acquisition of the Zeus real estate portfolio. The portfolio consists of 46 industrial buildings with a total gross leasable area (GLA) of approximately 822,052 square meters, and a land reserve with a total area of roughly 882,723 square meters distributed in 11 Mexican states.

The acquisition, which has already been approved by the Federal Economic Competition Commission (COFECE) in February 2023, will require an investment of $662 million (before taxes and royalties) from FIBRA Monterrey. The company will use a combination of resources, including available cash from the issuance and placement of capital carried out in September 2022 under the new multi-value program, the drawdown of currently available and undrawn credit facilities, the total net proceeds from one or more underwriting processes currently underway, and the partial or total drawdown of one or more credit facilities currently under negotiation.

FIBRA Monterrey emphasizes that the transaction has all necessary corporate and governmental approvals. However, the transaction "continues to be subject, among other requirements and conditions, to the conclusion of the purchase audit," FIBRA Monterrey added.

FIBRA Monterrey's business strategy is focused on the acquisition, management, development, and operation of corporate real estate in Mexico. For more information and insights on Mexico's commercial real estate market, please visit SiiLA or contact us at contacto@siila.com.mx.