Terrafina's recent exit from the Mexican Stock Exchange marks more than a single issuer's cycle: it reflects the growing concentration of industrial real estate in specialized platforms with greater capital scale and portfolio depth.

The delisting followed FIBRA Prologis' near-total acquisition of the real estate trust through three public offers between 2024 and 2025.

In the first, settled in August 2024, FIBRA Prologis acquired 606.4 million Terrafina CBFIs—equivalent to 77.1% of the total outstanding—through a combination of cash and unit exchange.

The transaction did not stop there. In November 2024, the firm launched a second offer through which it acquired roughly 100.3 million additional CBFIs, raising its stake to about 89.9%. And in November 2025 it executed a third public offer through which it acquired another 79 million CBFIs, bringing its ownership to approximately 99.8% of the total outstanding. At that level of control, Terrafina's continued presence in the public market ceased to be operationally viable, clearing the path for its exit from the Mexican Stock Exchange.

Under the framework of the Securities Market Law, cancellation of a listing proceeds only when investor protection is demonstrated through successive public offers and the acquisition of a virtually total control position—a threshold FIBRA Prologis reached after acquiring nearly all outstanding CBFIs—allowing the National Banking and Securities Commission to authorize the delisting.

The evolution of the exchange ratios and the implied prices derived from the swap relationship—in an approximate range of 37 to 45 pesos per certificate—indicates that the transaction adjusted dynamically to market conditions.

In the initial August 2024 offer, FIBRA Prologis structured the acquisition with an exchange ratio of 1.6 Terrafina CBFIs for one of its own, alongside a cash-and-stock mix. By November 2024, in a correction environment—with Prologis CBFIs declining from 71 to 64 pesos and Terrafina's from 45 to 37—the ratio adjusted to 1.7x, reflecting the relative movement between both issuers. By November 2025, with Prologis trading around 73.5 pesos versus Terrafina at 39.6, the integration was completed without visible dislocations in the buyer's valuation. Thus, despite the size of the transaction, FIBRA Prologis' trading performance showed resilience throughout the process, indicating the market absorbed the deal in an orderly manner.

Market reaction reinforces that reading. Between the first 2024 offer and the transaction's closing in 2025, FIBRA Prologis' CBFI price advanced by more than 24%, while its market value grew roughly 16% and book value increased about 43%. Taken together, the evidence suggests the integration was not only absorbed by the market but executed in an environment of strengthening buyer fundamentals.

Beyond the specific transaction, the process narrows the universe of independent industrial issuers in Mexico's public market and raises the scale threshold for competing for listed capital. In the future, access to the equity market for logistics platforms will increasingly be determined by size, operating depth and proven execution capacity.

For more details on REIT performance in Mexico, visit SiiLA FIBRA Analytics or contact us at contacto@siila.com.mx.