FIBRA Macquarie México (FIBRA Macquarie) today announced that it has reached an agreement to acquire an eight property industrial portfolio located in Monterrey, Nuevo León, which includes four stabilized properties, two build to suit (BTS) development properties and two land parcels. The gross leasable area (GLA) of the portfolio is 40,700 square meters (438,500 square feet), out of which 10,800 square meters (116,300 square feet) correspond to the two BTS development properties. The combined surface area of the two land parcels is 25,100 square meters (270,500 square feet). The portfolio will be acquired from Desarrollador Industrial Nexxus for a total of US$30.3 million (approximately Ps.454.5 million). FIBRA Macquarie will pay US$24.6 million (approximately Ps.369.0 million) at closing and US$5.6 million (approximately Ps.84.0 million) upon respective completion and occupation of each of the two BTS development properties and receipt of the first month’s rent.
The acquired portfolio has 100% occupancy and comprises a number of high-quality tenants, including well-known Mexican companies as well as multinational corporations, in well-located high-quality properties. 85% of the lease revenue derives from triple net (NNN) leases, under which the tenant is responsible for all of the operating costs, including property taxes, insurance and maintenance. The acquisition cap rate for the stabilized properties based on the forward-looking net operating income (NOI) is estimated at 8.5%; this calculation excludes the land parcels and development projects.
“We are pleased to announce an acquisition that provides an opportunity for FIBRA Macquarie to enter the development space on a de-risked basis,” said Jaime Lara, chief executive officer, FIBRA Macquarie. “This transaction also represents the first step in a long term growth strategy that now includes development opportunities. And it further demonstrates FIBRA Macquarie’s capabilities to execute a strategic deployment of the capital raised in September 2014.”
FIBRA Macquarie will fund the acquisition with available cash. The transaction is expected to close in the third quarter of 2015, subject to satisfaction of conditions that are customary for transactions of this size and type. The BTS development properties are expected to be completed in mid-2016. Transaction costs and taxes total approximately US$0.96 million (approximately Ps.14.5 million). Upon closing, and including the acquisition announced on June 22, FIBRA Macquarie’s industrial portfolio will comprise 274 stabilized properties with a combined GLA of 2.9 million square meters (31.7 million square feet), plus two BTS development projects with a combined potential GLA of 10,800 square meters (116,300 square feet). FIBRA Macquarie will administer the properties through its scalable internal property administration platform, leveraging its ability to integrate new properties without incurring material additional operating expenses.
About FIBRA Macquarie Mexico
FIBRA Macquarie México (FIBRA Macquarie) is a real estate investment trust (fideicomiso de inversíon en bienes raices), or FIBRA, listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores) targeting industrial, retail and office real estate opportunities in Mexico, with a primary focus on stabilized income-producing properties. FIBRA Macquarie’s portfolio consists of 260 industrial properties and 17 retail/office properties, located in 24 cities across 19 Mexican states (as of March 31, 2015). Nine of the retail/office properties are held through a 50/50 joint venture with Grupo Frisa. FIBRA Macquarie is managed by Macquarie México Real Estate Management, S.A. de C.V. which operates within the Macquarie Infrastructure and Real Assets division of Macquarie Group.
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