Real Estate Investment Trusts (Fibras) Outperform in Mexican Market
Real Estate Investment Trusts (Fibras) listed on the Bolsa Mexicana de Valores (BMV) have emerged as high-yield assets in the final stretch of 2023. These trusts have shown resilience, with analysts pointing to a rebound in contracts as the driving force.
Fibras Sector Overview
In 2025, industrial Fibras are the most favored investment, followed closely by commercial sectors. The office sector is expected to see a significant recovery in occupation rates.
The S&P/BMV Fibras index has accumulated a return of 23.64%, reaching 293.1 pesos per unit this year. This growth nearly matches the principal index of the BMV, the S&P/BMV IPC, which has risen 24.23% to 60,773.78 points in the year.
The FTSE-BIVA index, managed by the Bolsa Institucional de Valores (BIVA), has also seen a return of 22.10%, reaching 1,226.87 units in the same period.
Analyst Insights on Fibras Resilience
According to analysts from Bx+, the Fibras sector has proven resilient due to the resumption of contracts. Despite uncertainty in the macroeconomic environment, causing a pause in acquiring new clients, the industrial sector occupancy rate stands at 95%, and retail at 93.4%. This indicates that the industry remains robust, with stable margins expected around 40%.
Roberto Solano, the head of Analysis at Monex Casa de Bolsa, shares a positive outlook on the real estate sector, particularly industrial, commercial, and office segments. He anticipated key factors such as value generation, mature portfolios (occupancy), growth in surface area (by II Trim. 25, an average increase of 18.3%), and strategic moves like Fibra Next’s debut.
Solano affirms that his prediction of resilience during and after the Liberation Day has come to fruition. He expects better conditions in H2 2025 for Fibras to meet their pipeline targets, with additional expectations of increased interest rate flexibility.
Performance of Specific Fibras
Mixed Performance in the Stock Market
Fibras Danhos, a real estate investment trust specializing in shopping centers and mixed-use developments, has seen the highest gains (44.12%) this year, reaching 28.91 pesos per Certificado Bursátil Fiduciario Inmobiliario (CBFI).
Fibra Uno, the largest real estate investment trust listed on the Mexican stock market, follows with a 33.48% increase to 27.05 pesos per CBFI.
Fibras Prologis, an industrial real estate trust, has also performed well with a 29.23% return to 74 pesos per CBFI.
However, Fibra Plus has experienced a 25.86% decline to 5.19 pesos, followed by Fibra Hotelera Mexicana (-16.26%) at 8.19 pesos, and Fibra Inn (-15.09%) at 4.67 pesos.
Key Questions and Answers
- What are Fibras? Fibras, or Real Estate Investment Trusts, are companies that own, operate, or finance income-generating real estate. They are listed on the Bolsa Mexicana de Valores (BMV) and provide investors with an opportunity to invest in large-scale real estate projects.
- Why are industrial Fibras favored for 2025? Industrial Fibras are expected to outperform due to a rebound in contracts, high occupancy rates (95%), and anticipated growth in surface area.
- Which Fibras have shown the best performance this year? Fibras Danhos and Fibra Uno have seen the highest gains, with 44.12% and 33.48%, respectively.
- What challenges does the Fibras sector face? Macroeconomic uncertainty has caused a pause in acquiring new clients, but the sector remains resilient with high occupancy rates and stable margins.
