FPLUS to deliver offices in Mexico City in 2023

In 2023, FIBRA PLUS (FPLUS) plans to complete one of its office projects in the Mexico City market, located in the Espacio Condesa mixed-use building. The development will add almost 38.5 thousand square meters to the trust's portfolio, which specializes in industrial, commercial, corporate, and residential real estate.

According to FPLUS' latest financial report, as of the third quarter of 2022, "the other two components of Espacio Condesa (offices and housing) are expected to be completed by the second half of 2023."

Besides the offices of Espacio Condesa, the trust has three offices and two commercial projects under development, but their delivery date is yet to be defined. These five projects are estimated to cover a gross leasable area (GLA) of over 60.9 thousand square meters, and they will be located in Campeche, Colima, Estado de México, and Tabasco markets.

FPLUS stated in its latest report that these developments, "together with the projects under construction, represent a potential GLA growth of more than 33% for FPLUS' operating and stabilization portfolio." However, as of the end of last year, the five projects were still in the planning stage "given that financing alternatives for their development continue to be analyzed."

According to SiiLA FIBRA Analytics data, as of the third quarter of 2022, the trust's portfolio consisted of 42 properties, with 43.4% being industrial properties, followed by office space (33.6%) and retail (23%).

Together with the properties of FIBRA HD, of which FPLUS owns over 50%, the trust's portfolio, as of the third quarter of 2022, included 57 properties, of which 72% were operational. The rest were in the planning, development, or stabilization stages.

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