Fibra Nova, the Mexican real estate investment trust, announced the signing of a binding agreement with the multinational Electrolux to buy 32.7 hectares of land in Ciudad Juárez, Chihuahua where it will develop an industrial park.

The station, which is part of the Bafar Group, dedicated to the production of meat foods under brands such as Sabori, explained that the investment to develop the industrial park will include an investment of approximately 175 million dollars, in the next three years.

The new property will be developed in the next four years, with more than 17 thousand kilovolt-amperes and more than 15 liters per second of water service.

In its recent conference call on the occasion of the presentation of its second financial report of the year, Fibra Nova's management announced that they were in advanced negotiations to close two new projects, which they expected to complete before the third quarter.

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These new projects consist of 43 thousand square meters located in Ciudad Juárez Chihuahua, which will attract an additional 2.5 million dollars in rent, with a capitalization rate of 9.1%.

“The sum of the new contracts signed by Fibra Nova, together with its potential acquisitions, would add 16 hectares of roofed industrial buildings plus the 1,600 hectares of walnut production for export. These events would allow their annualized rents to increase by 78% compared to 2020, ”added Fibra Nova.

Last year, the total income of the real estate trust amounted to 561.2 million pesos, of which 556.9 million pesos correspond to rental income.

Additionally, they are competing in other "build to suit" projects in Ciudad Juárez and in Chihuahua, the Mexican state of Chihuahua.

Fibra Nova began operations on August 3, 2017 in the Mexican Stock Exchange, focused on the acquisition, lease, operation and development of properties intended for the occupation of companies that operate sectors such as industrial, retail and education.

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It was the first Fibra or real estate vehicle to enter the agribusiness real estate segment.

At the beginning of this year, it announced the acquisition of 1,600 hectares dedicated to export agriculture for walnut trees, in a very advanced state of production.

This amount, added to the rents of industrial buildings, allows to increase its annual rental income by 17.5 million dollars, which represents around 60% growth year on year in relation to the results of June of this year.

Fibra Nova owns 103 properties that added a total of 390,619 square meters of gross profitable area and 1,654 hectares of the agro-industrial portfolio acquired in May.

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