FIBRA Prologis continues to expand its industrial footprint in Mexico following its 2024 acquisition of Terrafina. Most recently, the trust completed the purchase of three Prologis-owned buildings—its sponsor—in Chihuahua, the State of Mexico, and Monterrey, for $67.1 million. Together, the assets total 540,000 ft² of gross leasable area (GLA).

All three properties are fully occupied. According to SiiLA, the Chihuahua facility is leased to the Danish logistics company DSV Global, while Mausac Group and a sporting goods company occupy the properties in the State of Mexico and Monterrey. These are Class A assets, two with a manufacturing focus and one geared toward logistics. 

With this deal, FIBRA Prologis reinforces a portfolio of 351 industrial buildings totaling more than 65.7 million ft², with occupancy near 98%. It also holds a pipeline of more than 167 properties under development and in its landbank, with potential to add roughly 21.3 million ft², primarily in northern Mexico. Today, 53% of the portfolio is concentrated in the north, followed by 36% in central Mexico, with the remainder in the Bajío.

Over the past year alone, the trust’s operating GLA grew by about 2%. Growth was strongest in the north, up 3%, followed by the center at 2%, while the Bajío posted a slight 1% contraction.

Beyond sheer square footage, the portfolio’s operating performance points to a strategy aimed at building scale in markets where industrial demand is deeper, steadier, and tied to long-term production chains.

In the third quarter of 2025, net effective rent on renewals rose 47.2%, underscoring strong pricing power on assets already in operation. While that increase was nine points below the jump seen a year earlier, it remains elevated and signals tenants’ willingness to pay materially more to stay in strategic locations, without relying on speculative expansion. In parallel, tenant retention climbed to 81.7% from 52.7% a year earlier—a sign that the spaces are not just occupied but difficult to replace for the businesses that run in them.

That mix translated into real, organic growth. Cash NOI on same-store properties advanced 14.8%, driven by renewals and contractual escalations, not by acquisition accounting. All of it supported by a conservative balance sheet: leverage at 22.6% and liquidity near $1.1 billion, which helps explain how the trust can buy assets from its sponsor without straining its financial structure.

FIBRA Prologis’ performance clearly illustrates where Mexico’s industrial market is moving at this stage of the cycle: less emphasis on growth for growth’s sake and more on assets that concentrate structural demand, negotiate leverage, and enhance tenant stickiness. Cause in an environment where availability is no longer scarce and capital demands defensive returns, the edge is no longer about adding space but about owning the space users cannot—and do not want to—leave. That is where scale stops being size and becomes control.

For more details, visit SiiLA FIBRA Analytics or email contacto@siila.com.mx.