Background on Fibra Prologis and Terrafina
Fibra Prologis, a real estate investment trust (REIT) specializing in industrial properties, has successfully concluded its Offer to Purchase (OPA) for the remaining Certificados Bursátiles Fiduciarios Inmobiliarios (CBFIs) not previously owned from Terrafina.
Who are Fibra Prologis and Terrafina?
Fibra Prologis is a Mexican REIT that focuses on owning, operating, and developing industrial real estate in Mexico. The company has a strong presence in the logistics sector, providing modern and strategically located properties to tenants such as e-commerce companies, third-party logistics providers, and manufacturers.
Terrafina is a Mexican real estate investment trust that owns and operates industrial properties, primarily warehouses and distribution centers. It was listed on the Mexican Stock Exchange (BMV) and had CBFIs as its primary securities.
Details of the Acquisition
According to Fibra Prologis, they received acceptance letters for 9.81% of Terrafina’s CBFIs during the offering period, slightly below their target of 10%.
The acquisition price was set at 42.50 Mexican pesos per CBFI.
Future Plans for Terrafina
Héctor Ibarzábal, CEO of Fibra Prologis, announced during a call with analysts presenting the company’s third-quarter results, that Terrafina will be delisted from the BMV early next year. This move signifies Fibra Prologis’s intention to integrate Terrafina fully into its operations.
Recent Acquisitions by Prologis
In 2024, Prologis acquired 77% of Terrafina’s CBFIs, further solidifying its position in the Mexican industrial real estate market.
Key Questions and Answers
- What is the significance of Fibra Prologis acquiring Terrafina’s remaining CBFIs?
This acquisition allows Fibra Prologis to consolidate its position in the Mexican industrial real estate market, strengthening its portfolio and enhancing its ability to serve tenants in the logistics sector.
- Why is Fibra Prologis delisting Terrafina from the BMV?
By delisting Terrafina, Fibra Prologis aims to streamline its operations and eliminate the need for separate reporting and compliance requirements associated with having a publicly traded subsidiary.
- What impact does this acquisition have on the Mexican real estate market?
This acquisition reinforces Fibra Prologis’s dominance in the Mexican industrial real estate sector, potentially influencing competitors and shaping future mergers and acquisitions in the market.
