In June 2014, Fibra Prologis, a real estate investment trust (Fibra in Spanish) and subsidiary of Prologis, a real estate investment company based in the United States, was listed on the stock market. The objective of this REIT is to build a robust industrial portfolio by acquiring properties, and in 10 years, it has become the second largest REIT in the country and continues to grow.
The initial portfolio of Fibra Prologis consisted of 177 industrial properties with a gross leasable area (GLA) of 2.8 million square meters (m²), primarily located in the industrial real estate markets of Mexico City, Guadalajara, and Tijuana, as well as in Reynosa and Ciudad Juárez. Additionally, tenants of these properties included IBM, LG Electronics, El Palacio de Hierro, and DHL.
In these 10 years, Fibra Prologis has added 59 properties and 1.6 million m² in the same industrial real estate markets. As of March 31, 2024, its portfolio consisted of 236 properties designated for logistics and manufacturing located in six industrial markets in Mexico, with a total GLA of 4.4 million m². It also added e-commerce companies like Amazon among its tenants.
But this portfolio growth and being the second-largest Fibra in the country is not enough for Fibra Prologis. Fibra aims to double its portfolio through the acquisition of Terrafina via a public tender offer (OPA) and reciprocal subscription of up to 100% of Terrafina’s CBFIs, with an exchange ratio of 0.62 CBFIs of Fibra Prologis for each CBFI of Terrafina.
If the acquisition of Terrafina by Prologis is completed, the portfolio would reach 526 properties and 8.2 million m², making it the largest industrial Fibra in the country. If not, Fibra Prologis will continue with its strategy of asset purchases for growth, although at a slower pace.
