FIBRA NEXT Hits a Home Run: Approves the Acquisition of Three Industrial Properties

In the past week, FIBRA NEXT’s Holders’ Assembly approved the acquisition of the “Triple Home Run” industrial portfolio, which includes several logistics properties in Toluca Park III, Querétaro Park VI, and Cancún Park II.

The portfolio adds nearly 150,000 square meters of gross leasable area (GLA) already built, about 95,000 square meters in the final stage of development, and roughly 165,000 square meters of land. For these, NEXT will pay approximately 5 billion pesos (equivalent to about $248 million), sourced from its Initial Public Offering proceeds.

Currently, the REIT has more than 570,000 square meters of built and leased industrial space, as well as a land bank of 180,000 square meters. With the new portfolio, its GLA will increase by 43% and its land reserves will nearly double, adding an expansion potential close to 200,000 square meters, according to SiiLA data.

The property expansion will be distributed between Querétaro and the State of Mexico, where NEXT concentrates 90% of its industrial facilities. In contrast, a large part of its land bank is in Jalisco, in line with its investment strategy focused on logistics operations and consolidating key industrial corridors in the country.

With this transaction, the REIT advances its medium-term expansion plan, which calls for the integration of more than 200 assets across logistics, light manufacturing, and business parks. This growth will come from the expansion of its initial “Júpiter” portfolio, the acquisition of six million square meters of industrial space from FIBRA Uno, and the properties in the Triple Home Run portfolio. Thus, NEXT seeks to lift its total portfolio to 7.4 million square meters of GLA, supported by a land reserve of 1.1 million square meters for future developments.

If it reaches that goal, it would be positioned near FIBRA Prologis, which currently has the largest industrial portfolio of any REIT in Mexico: 8.1 million square meters built and more than 340,000 square meters of developable area.

In that scenario, the country’s industrial map would be dominated by two REITs capable of concentrating one out of every seven rentable square meters—evidence of an industry that is increasingly concentrated, institutional, and strategic. Consolidation, however, will depend on the formal closing of the transaction, still subject to the signing of definitive purchase agreements and the transfer of assets.

For a detailed view of the performance of these and other Mexican REIT portfolios, visit SiiLA FIBRA Analytics or write to contacto@siila.com.mx.