FIBRA Macquarie México announced it has successfully completed the acquisition of a ten-property industrial portfolio with a Gross Leasable Area (GLA) of 2.2 million square feet located in the northern Mexico cities of Monterrey, Reynosa, Tijuana, Ciudad Juarez and Saltillo. The portfolio was acquired from an institutional industrial property owner and developer in Mexico for US$105.0 million, excluding transaction costs and taxes.
The portfolio currently has 93.9% occupancy comprising high-quality tenants. Among the tenants are established Mexican enterprises as well as multi-national companies, including a Fortune 200 company that accounts for 51.4% of the portfolio’s annualized base rent. All leases are USD-denominated under triple net (NNN) leases, under which the tenant is responsible for all of the property operating costs, including property taxes, insurance and maintenance. FIBRA Macquarie estimates that the portfolio will generate an incremental US$8.7 million of net operating income (NOI) on an annualized basis. Furthermore, it is estimated that this portfolio will add approximately US$0.01 to adjusted funds from operations per certificate (AFFO per certificate) on an annualized basis. This excludes the impact of reduced interest income resulting from this cash utilization.
If you would like more information on properties of this type for investment or as an end-user, contact Maquila Properties at 858.551.8000 or 858.220.0640.
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