FIBRA Storage Acquires Its Fourth Property of the Year. Invests 1.2 US Million in Mexico City

FIBRA Storage, a real estate investment trust (REIT or FIBRA) specializing in developing and leasing mini-storage units in Mexico, formalized the acquisition of a property located on Anahuac Street in the Coyoacan borough of Mexico City. For this transaction on March 20, 2024, FIBRA paid 20 million pesos (almost 1.2 million dollars), including closing costs.

This is the fourth property the company has acquired so far this year. Between January and February 2024, FIBRA Storage invested 98.8 million pesos (nearly 5.8 million dollars) to purchase three properties in Monterrey, Nuevo Leon.

At the time, SiiLA REsource reported that the trust's foray and expansion in Monterrey had been a strategic step to capitalize on the growing demand for storage due to the industrial boom in the northern region of Mexico. In that sense, data from SiiLA FIBRA Analytics indicates that, before the acquisitions in Monterrey, approximately 91% of FIBRA Storage's gross leasable area (GLA) was concentrated in the metropolitan area of Mexico City, while the rest was distributed in the Mexican Bajio, mainly in Guadalajara and San Luis Potosi.

As of the fourth quarter of 2023, FIBRA Storage reported having nearly 183,724 square meters of construction. This implies that last year, the trust's built GLA increased by over 27,000 square meters, or around 17%, compared to the built GLA by the fourth quarter of 2022. Currently, FIBRA Storage plans to develop about 49,000 square meters, which, once built, will represent an increase of almost 27% compared to the GLA developed at the end of last year.

Five years after its creation, the trust has 38 properties, including 31 operating properties and seven land parcels for future developments. As of the end of 2023, the occupancy rate of FIBRA Storage's operating portfolio was nearly 76%, lower than that of 2022 (almost 80%). According to the trust, availability increased due to incorporating new inventory.

For more information on the performance of this and other REITs in Mexico, explore SiiLA REsource or contact us at contacto@siila.com.mx.