FIBRA Storage Expands its Mini-Warehouse Portfolio in Mexico City with a Transaction Valued at $2.7 Million

FIBRA Storage, a real estate trust specializing in developing and leasing mini-storage units in Mexico, has officially announced its acquisition of properties on "Eje Central" Avenue in the Cuauhtemoc borough of Mexico City. This transaction, which took place on November 24, 2023, marks the beginning of the construction of mini-storage units scheduled to commence operations in 2024.

The acquisition by FIBRA Storage is valued at 49 million pesos (around 2.7 USD million), including closing expenses associated with the transaction. It's worth noting that this operation was financed by issuing 2,405,263 stock certificates (CBFIs).

Following this transaction, the total number of subscribed, paid, and circulating CBFIs held by investors in the trust reached 266,867,585 units. Additionally, a surplus of 33,132,415 CBFIs remains in the Trust's Treasury, which may be allocated for future issuances.

FIBRA Storage's Growth in Mexico

The acquisition of these new properties underscores the continuous growth and success of the trust in the commercial real estate market in Mexico. According to SiiLA, as of the third quarter of 2023, FIBRA Storage reported having approximately 168,200 square meters constructed. This represents an increase of over 11,500 square meters, or 7%, in Gross Leasable Area (GLA) compared to the GLA at the end of the fourth quarter of 2024.

However, in 2023, the potential portfolio growth for FIBRA Storage, which includes ongoing development projects, reached 14%. This accounts for around 15,500 additional square meters, encompassing both "to be enabled" properties, entirely constructed but in Core & Shell state, and properties "under development" or in the construction process.

Currently, FIBRA Storage has plans to develop more than 58,600 square meters, which, once completed, will represent an almost 35% increase in GLA compared to the end of the third quarter of 2023. Notably, five years since its inception, the trust owns 37 properties, with 28 in operation and nine in development, achieving a record occupancy rate of 84.1%. Additionally, three new branches are set to open by the end of this year, along with 15 branches covering 45,314 square meters, operated by third parties.

According to SiiLA FIBRA Analytics, approximately 91% of FIBRA Storage's GLA is concentrated in the Mexico City metropolitan area, with the remainder distributed in the Mexican Bajio region, primarily in Guadalajara and San Luis Potosi.

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