Fibra Nova ventures into the agroindustrial sector with the purchase of two properties
- Fibra Nova enters the agri-food sector with pecan nut production.
Fibra Nova, a real estate trust with investments in the industrial, retail, and educational sectors, announced its entry into the agri-food sector by adding two properties to its portfolio in the northern region of the country. These properties, dedicated to pecan nut production, are valued at two billion pesos (101 million dollars), including debt.
The inclusion of both properties, totaling 1,654 hectares and located in the border city of Chihuahua, was made possible through a sale and leaseback agreement with an agri-food company. In a statement, the trust stated that Fibra Nova continues to invest in properties focused on the export sector in Mexico, with dollar-denominated contracts, high-quality tenants, and a diversified portfolio that has allowed the company to collect 100% of its rents during the pandemic.
The lease agreement, denominated in dollars and with a term of 15 years, including annual increases and a corporate guarantee, will enable Fibra Nova to conclude the first half of the year with 56% of its portfolio having dollar-denominated rents. The addition of both properties to its portfolio was supported by its fiber holders at the end of April when the issuance of real estate investment trust certificates (CBFIs) was also approved to pay for the net value of the properties. The lands consist of 176,000 pecan trees and have a production capacity of four thousand tons of pecan nuts per year, along with the necessary infrastructure for cultivation.
