FIBRA Storage opens a new branch in Mexico City

At the end of last week, FIBRA Storage announced the start of operations of its new "Condesa" branch in the Miguel Hidalgo district of the Mexico City market, expanding its portfolio of properties.

"A statement from the trust dated March 3, 2023, reads, "Both the land (formerly known as 'Vasconcelos') and the buildings are 100% owned by FIBRA Storage and represent property number 28 in operation."

According to the trust's latest report to the Mexican Stock Exchange (BMV), FIBRA Storage reported having 34 properties at the end of last year, including eight plots of land "for future development." SiiLA's FIBRA Analytics data reveals that about 85% of FIBRA Storage's properties are located in the Mexico City market, with the rest of its portfolio distributed between the Guadalajara and San Luis Potosi markets. FIBRA Storage's constructed properties have a gross leasable area (GLA) of more than 156.6 thousand square meters, of which almost 95% are in operation. The trust also has 43.1 thousand square meters of GLA under development.

The trust reports that in the last two quarters of 2022, the occupancy of its properties had an upward trend, with the occupancy ending at 79.8%, measured over the available GLA, compared to 77.5% in the previous quarter. In addition to acquiring the "Vasconcelos" property last year, FIBRA Storage acquired another property called "Insurgentes Sur." Therefore, throughout 2023, the trust faces the challenge of developing some of the previously acquired lands and managing its entire branch platform.

"We will continue with the consolidation of the asset class in the country, and we will seek to create synergies to continue growing both in Mexico City and the rest of the country that will allow us to generate key locations for FIBRA Storage and extend the home or office of our clients," the trust said.

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