"We continue in the evaluation and negotiation process to carry out acquisitions and industrial expansions for US$ 555.5 million and US$ 35.4 million, respectively," said Jorge Avalos Carpinteyro, general director of the fiber.
At the end of the second quarter, the Mexican Fibra Mty concluded with the acquisition of the “Aerotech” industrial portfolio, located in Querétaro, for an amount of US$ 83.3 million.
In addition, it signed a binding agreement to acquire the Batach industrial portfolio, located in Monterrey, for an approximate amount of 199.1 million dollars, which it estimates to formalize and begin to liquidate during the third quarter of this year, indicated Jorge Avalos Carpinteyro, general director. of Fiber Mty.
“Additionally, as of June 30, 2024, the expansions under construction and negotiation add up to an estimated total of close to 99 million dollars, which are broken down into 63.6 million already signed and in the process of construction or delivered in the last 12 months, 12.8 million in the final phase of negotiation and the rest in the initial stage, with capitalization rates higher than 9.0%,” the manager highlighted in a statement.
If the expansion projects in construction and negotiation are concluded, Fibra Mty's industrial portfolio will increase by more than 101.6 thousand square meters (approximately 66.2 thousand square meters are in the process of construction), said Avalos Carpinteyro, during the announcement of the results of the real estate investment trust, as of the second quarter of 2024.
On the other hand, we continue in the evaluation and negotiation process to carry out acquisitions and industrial expansions for US$ 555.5 million and US$ 35.4 million, respectively,” he explained.
He said he was confident of being able to sign binding agreements for the remaining target amount over the next 6 to 9 months.
Divestment in office portfolio
On the contrary, in the office sector, Fibra Mty plans to begin the divestment of its office portfolio, starting with those properties considered low-performing, as they have considerable vacancy levels.
“In this regard, as of the date of this report we have received offers of over 650 million pesos, which represents more than half of the value of the low-performance portfolio. Depending on the market conditions at the time of carrying out said transactions, the resources from these divestments may be allocated to industrial properties and/or to the repurchase of own certificates, considering that the current listing price does not reflect the fair value that our assets should have. real estate trust stock certificates (CBFI) considering our cash generation capacity,” the manager stressed.
“The occupancy of our portfolio remains very similar to that reported in the first quarter, standing at 96.1 percent. Our industrial portfolio remains at occupancy levels very close to 100%, with a vacancy of just 1.9%, while the office portfolio has an occupancy of 75.3%, which shows an improvement of 20 basis points compared to the quarter former.
In contrast, the office properties located in the Guadalajara market have an occupancy of 96.7%, with the few vacant spaces in the advanced phase of negotiation.
