MEXICO CITY--(BUSINESS WIRE)--FIBRA Macquarie México (FIBRA Macquarie) (BMV: FIBRAMQ), owner of one of the largest portfolios of industrial and retail/office property in Mexico, announced it has reached an agreement to acquire two industrial properties and adjacent land located in Ciudad Juarez, Chihuahua, for a total of US$21.7 million (approximately Ps.360.1 million). The two existing properties comprise 35,300 square meters (380,000 square feet) of gross leasable area (GLA) while the land parcel provides an opportunity to expand an existing building and add a further 6,500 square meters (70,000 square feet) of GLA. The transaction is expected to close in the first quarter of 2016.
“We are pleased to be able to acquire two high quality assets in the important industrial property market of Ciudad Juárez,” said Juan Monroy, chief executive officer of FIBRA Macquarie. “In addition to expanding our presence in a key northern city, the acquisition adds well known institutional tenants to our portfolio.”
FIBRA Macquarie has agreed to acquire the two stabilized properties for a total purchase price of US$21.1 million (approximately Ps.350.1 million), and the land parcel for a total purchase price of US$0.6 million (approximately Ps.10.0 million). The two stabilized properties are 93.0% occupied pursuant to triple net (NNN) leases denominated in US dollars. FIBRA Macquarie expects the portfolio to generate net operating income (NOI) of US$1.8 million (approximately Ps.29.9 million) or US$0.002 (approximately Ps.0.037) per certificate based on 811.4 million certificates outstanding on an annualized basis in 2016. The expected contribution to NOI implies a capitalization rate for the properties of 8.5%.
FIBRA Macquarie will fund the acquisition with available cash. Including acquisitions completed over the prior 12 months, FIBRA Macquarie has deployed approximately 74.5% of the capital it raised in September of 2014.
The acquisition of the properties in Cuidad Juárez is expected to close in the first quarter of 2016, subject to completion of an expansion currently under construction, as well as satisfaction of conditions that are customary for transactions of this size and type. Transaction costs and taxes are expected to total approximately US$0.7 million (Ps. 11.6 million). Upon closing, FIBRA Macquarie’s industrial portfolio will comprise 276 properties with a combined GLA of 3.0 million square meters (32.2 million 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
FIBRA Macquarie México (FIBRA Macquarie) (BMV: FIBRAMQ) is a real estate investment trust (fideicomiso de inversión en bienes raíces), 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 274 industrial properties and 17 retail/office properties, located in 24 cities across 19 Mexican states as of September 30, 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. For additional information about FIBRA Macquarie, please visit www.fibramacquarie.com.
Macquarie Infrastructure and Real Assets is a business within the Macquarie Asset Management division of Macquarie Group and a global alternative asset manager focused on real estate, infrastructure, agriculture and energy assets. Macquarie Infrastructure and Real Assets has significant expertise over the entire investment lifecycle, with capabilities in investment sourcing, investment management, investment realization and investor relations. Established in 1996, Macquarie Infrastructure and Real Assets has approximately US$103.7 billion of total assets under management as of September 30, 2015.
About Macquarie Group
Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Macquarie’s main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. Founded in 1969, Macquarie operates in more than 60 office locations in 29 countries. Macquarie employs approximately 13,500 people and has assets under management of over US$354 billion (as of September 30, 2015).
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