FIBRA Macquarie Announces Lease up of Recently Delivered 210K sqft Development in Apodaca, Nuevo León With an Expected Yield of 11.9%

  • 11.9% NOI development yield on 10-year, USD lease
  • Construction underway on additional property at this Class A industrial park in Apodaca, Nuevo León

MEXICO CITY--()--FIBRA Macquarie México (FIBRA Macquarie) (BMV: FIBRAMQ) announced the execution of a lease for its recently delivered 210 thousand square feet building in Apodaca, Nuevo León in the Monterrey metropolitan area. The 10-year, U.S. dollar-denominated lease was executed with a global auto parts manufacturer, which is an existing valued customer. This 100%-leased property delivers a 11.9% NOI development yield for FIBRA Macquarie.

The property is expected to contribute approximately US$2.7 million in NOI, on an annualized basis, commencing from mid-2024. The total investment inclusive of attributable land, construction costs and tenant improvements is approximately US$22.2 million.

The lease is in alignment with FIBRA Macquarie's green leasing standards and the construction of the building adheres to the LEED® v4 Core and Shell Development guidelines by the U.S. Green Building Council, and FIBRA Macquarie anticipates attaining a Gold or Platinum-level certification.

The property is located in a Class A industrial park that is being developed by FIBRAMQ and has a total potential GLA of 790 thousand square feet, of which FIBRAMQ has now leased up 390 thousand square feet, and has an additional 200 thousand square feet building under construction.

"The successful delivery and prompt lease-up of this development demonstrates our ability to meet the demand for high quality industrial real estate in the northern markets in México. Furthermore, with our dedication to fostering strong customer relationships, we are pleased to have expanded our portfolio with an existing blue-chip customer," said Simon Hanna, CEO of FIBRA Macquarie. “Our industrial growth capex program represents an attractive growth platform for FIBRA Macquarie as we continue to achieve compelling yields on our investments which will contribute to per certificate earnings and NAV growth in the coming quarters. As of today, we have approximately 2.0 million square feet of growth GLA in progress, of which 720 thousand square feet has been leased at yields of almost 12%, reflecting our capability to delivering market leading product at attractive returns for our investors.”

This development continues FIBRA Macquarie’s successful growth capex program, and its track record of developing and leasing premium industrial assets.

For presentation purposes, the disclosure assumes a USD-Peso exchange rate of 18.0, existing FIBRA Macquarie certificates outstanding of 761.3 million and forecast equity ownership of approximately 80% in MCMA joint venture assets.

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 238 industrial properties and 17 retail properties, located in 20 cities across 16 Mexican states as of June 30, 2023. Nine of the retail properties are held through a 50/50 joint venture. For additional information about FIBRA Macquarie, please visit www.fibramacquarie.com.

Cautionary Note Regarding Forward-looking Statements

This release may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ significantly from these forward-looking statements and we undertake no obligation to update any forward-looking statements. Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment. THIS RELEASE IS NOT AN OFFER FOR SALE OF SECURITIES IN THE UNITED STATES, AND SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED.

Contacts

Investor relations:
Tel: +52 (55) 9178 7763
Nikki Sacks
Tel: +1 203 682 8263
Email: nikki.sacks@icrinc.com

For press queries:
Fleishman Hillard México
Contact: Arturo García Arellano
Tel: +52 55 8664 0910
Email: arturo.garcia@fleishman.com

Contacts

Investor relations:
Tel: +52 (55) 9178 7763
Nikki Sacks
Tel: +1 203 682 8263
Email: nikki.sacks@icrinc.com

For press queries:
Fleishman Hillard México
Contact: Arturo García Arellano
Tel: +52 55 8664 0910
Email: arturo.garcia@fleishman.com