Mexico Real Estate News: FIBRA Prologis Purchases 502,000 Square Feet of Logistic Space in Monterrey for $38 Million

Mexico's leading owner and operator of Class-A industrial real estate, FIBRA Prologis, has announced that they have purchased a 502,000-square-foot of logistic space in Monterrey.

            According to the press release of FIBRA Prologis in PR NewsWire, the acquired property is a fully occupied Class-A building together with its adjacent lands that was purchased for expansion purposes for a total investment of US$38.0 million including closing costs.

            "This newly developed facility is leased to a multinational customer with whom we have recurrent business," said Luis Gutierrez, CEO, Prologis Mexico. "The high design standards and quality of the property, which is located inside Prologis Park Apodaca, are key differentiators that allow us to attract and maintain longstanding relationships with high-profile customers."

            The property was developed by sponsor Prologis and is in the Apodaca submarket of Monterrey.

            FIBRA Prologis is a Mexican real estate investment trust that was formed to acquire and operate industrial properties in Mexico.

            As of Sep. 30, 2015, FIBRA Prologis comprised 185 logistics and manufacturing facilities in six industrial markets in Mexico totaling 31.6 million square; and a total assets amounting to $1.9 billion. The company has 96.3 percent operating portfolio occupancy--96.5 percent in global market and 96.1 percent in regional market.

            FIBRA Prologis presently serves more than 230 customers with diversified mix of leading local and international companies that ranges from leader in third party logistics business and light manufacturing. Their deep customer relationships through its dedicated property managers and local enterprise has gained the company 92.6 percent average customer retention rate, while their high quality and stable cash flow gave them 85.1 percent annualized NER in USD. Their average annualized effective rent per square feet is $4.82, $5.06 for the global market, while $4.39 for regional market.

            Prologis is the leading owner, operator and developer of industrial real estate, focused on global and regional markets across the Americas, Europe and Asia.