Fibra Soma Will Add 193,000 m2 of Rentable Area to Its Portfolio

Fibra Soma, a real estate trust owned by SOMA, is focused on developing new properties to meet the growing demand in high-end tourist areas

Soho House & Beach Club is one of the complexes developed by FIBRA Soma. Photo: Soho House & Beach Club.

07/19/2022

The developments of new properties by Fibra Soma's real estate trust, owned by SOMA (formerly Grupo Sordo Madaleno), are focused on satisfying the growing customer base, especially in high-end tourist areas.

According to Fitch Rating, Fibra Soma is expected to invest approximately 3.7 billion pesos in new projects, adding 193,000 square meters of rentable area to its current portfolio by 2024.

Among the ongoing projects is the Soho House & Beach Club in Los Cabos, a hotel with approximately 70 rooms and a beach club for guests, scheduled to open in 2024.

This project will have a 20-year contract with revenues denominated in US dollars. Additionally, Fibra Soma is developing Retail Los Cabos, a commercial space of 18,600 square meters that will be ready by 2024.

The company also plans to acquire the remaining 27.4% of Artz, a mixed-use asset with a shopping mall and three office towers in operation. The acquisition is expected to be completed by the end of 2022. Due to these ongoing investments, Fitch does not anticipate the company to distribute dividends in the coming years, as it prioritizes its organic growth strategy and the stabilization of its net leverage ratio.

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