Since the creation of the Mexican REIT several years ago, these investment vehicles have shown a highly dynamic growth. This is how Fibra Plus has been established as a Mexican REIT to deliver greater returns to investors derived from their participation in real estate investments from the development process in the short and medium term to the capture of added value in the long term. Additionally, the growth potential of the Mexican real estate market is not fully exploited and, hence, there are ample opportunities to continue expanding in various segments, especially in the commercial and institutionalized rental housing markets. Fibra Plus expects that this environment, coupled with the positive long-term macroeconomic trends and its presence in prime locations in the country, brings opportunities to develop new properties and to raise current occupancy levels.
In light of the above, our developments tend to be mostly mixed-use properties, which seek to increase traffic flow and tap into the synergies generated by the different types of property use merged in the same location.
The following table summarizes the portfolio information for 1Q23:
|Portfolio under development||Use||Opening1||Location||GLA (m2)||% of total GLA|
|Heredit Acueducto||Office||In Process of being delivered||Guadalajara, Jalisco||7,934||1.23%|
|Heredit Acueducto||Retail||In Process of being delivered||Guadalajara, Jalisco||2,200||0.34%|
|Espacio Condesa||Retail||2H23||Cuauhtemoc, Mexito City||23,527||3.65%|
|Espacio Condesa||Residential||2H24||Cuauhtemoc, Mexito City||7,977||1.24%|
|Espacio Condesa||Office||2H24||Cuauhtemoc, Mexito City||38,447||5.96%|
|Portfolio in planning||Use||Opening2||Location||GLA (m2)||% of total GLA|
|Bora||Residential||TBA||Cuajimalpa, Mexito City||18,555||2.87%|
|Torre Premier (Phase 2)||Office||TBA||Villahermosa, Tabasco||3,828||0.59%|
|Vidarte Satelite||Retail||TBA||Tlalnepantla, Edo. de Mex.||13,077||2.03%|
|Vidarte Satelite||Office||TBA||Tlalnepantla, Edo. de Mex.||12,600||1.95%|
|Ciudad del Carmen||Office||TBA||Ciudad del Carmen, Campeche||10,592||1.64%|
|Total portfolio under development||159,566||24.72%|
1Variations in the start of operations between (+/-) 6 months may occur.
2Estimated date, given that the search of funding sources for the project is ongoing.
|Portfolio in operation||Use||Year of acquisition or completion||Location||GLA (m2)||% of Total GLA|
|Fibra HD’s Portfolio||Retail||2021||Campeche, State of Mexico, Jalisco, Baja California, Coahuila, Q. Roo, Sinaloa, Veracruz, Mexito City, Sonora, Nayarit y Baja California Sur||156,893||24.31%|
|Fibra HD’s Portfolio||Industrial||2021||Sonora, Aguascalientes, Colima, Durango, Tabasco y State of Mexico||94,501||14.64%|
|Fibra HD’s Portfolio||Education||2021||Sonora, Sinaloa, Queretaro, Jalisco y Puebla||39,116||6.06%|
|Fibra HD’s Portfolio||Office||2021||Aguascalientes, Q. Roo, State of Mexico y Mexito City||15,525||2.41%|
|T-MEC III||Industrial||2021||Nuevo Laredo, Tamaulipas||46,521||7.21%|
|Sonora||Industrial||2018 and 2023||Nogales, Sonora||62,923||9.75%|
|Baja California||Industrial||2017||Ensenada, Baja California||40,279||6.24%|
|Autlan||Retail||2017||Autlan de Navarro, Jalisco||5,017||0.78%|
|Torre Premier (Phase 1)||Office||1H19||Villahermosa, Tabasco||5,631*||0.87%|
|Saltillo’s Portfolio||Industrial||2022||Saltillo, Coahuila||4,564||0.71%|
|Portfolio in stabilization||Use||Year of acquisition or completion||Location||GLA (m2)||% of Total GLA|
|Salina Cruz||Retail||1H20||Salina Cruz, Oaxaca||10,079||1.56%|
|Torre Arcos||Office||2017||Guadalajara, Jalisco||4,831*||0.75%|
|Total portfolio in operation and stabilization||485,879||75.28%|
*Calculated under the BOMA methodology, which measures the leasable area of office spaces considering common areas.
During 1Q23, Fibra Plus finalized the purchase of two additional industrial buildings within the Sonora industrial park (acquired in 2018), increasing the ABR from 54,936 m2 to 62,923 m2. The above is in addition to the acquisition of the Saltillo Portfolio, in Coahuila, which took place last quarter. Together, these industrial buildings are capable of generating Ps.13.1 million ION per year.
At the end of 1Q23, Fibra Plus' portfolio was distributed in 20 Mexican states, with the CDMX being the area with the highest concentration, with 18% of total ABR. Meanwhile, the only states with more than 10% of total ABR, in addition to the CDMX, are the State of Mexico, with 15%, and Sonora, with 13%.
Breaking down by sectors, as of March 31, 2023, 39% of the property portfolio belonged to the industrial segment, 36% to the commercial segment, 15% to the office segment, 6% to the educational segment and 4% to the housing segment.
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