Fibra Soma, a real estate investment trust owned by Grupo Sordo Madaleno, will invest around 3,700 million pesos in new projects, already announced, with which it will add, by 2024, 193 thousand square meters of profitable area to its current portfolio of properties, estimates Fitch Rating.

The rating agency explained that the real estate company's ongoing projects correspond to Soho House & Beach Club, in Los Cabos, a hotel project with approximately 70 rooms, as well as a beach club for its guests, which is expected to start operations in 2024.

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The contract considers a term of 20 years with income denominated in US dollars. Additionally, Fibra Soma is developing Retail Los Cabos, a project that includes 18,600 square meters (m2) of commercial space in the tourist destination Los Cabos, Baja California, which will be ready by 2024.

The real estate trust's new property developments are focused on serving its growing client base, especially in high-end tourist areas, the agency said.

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In addition, the firm is in the process of acquiring the remaining 27.4% of Artz, which is expected to be completed by the end of 2022. Artz is a mixed-use asset, which has a leasable area of 111,183 square meters, with a shopping center and three office towers in operation.

Due to these ongoing investments, Fitch does not expect the company to make dividend distributions in the coming years, as it will continue to execute its organic growth strategy while stabilizing its net leverage ratio.

The company's portfolio focuses on high-end shopping centers and, to a lesser extent, on office spaces and hotels, maintaining a portfolio of 10 assets in operation, comprising more than 465 thousand m2 of gross leasable area, as well as six in project that adds more than 283 thousand m² of leasable area by 2026.

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Original note