Analyzing the Investment Trust market in Mexico, the first seven places in terms of investment amount are occupied by Fibra Uno or Funo, Fibra Educa, Prologis, Fibra Danhos, Fibra Terra, Fibra Macquaire and Fibra Monterrey, which concentrate a little more than 90% of the total market capitalization value of these instruments, amounting to a total of 281 thousand 686 million pesos.

2021 has been a year of opportunities and adjustments for Fibras that have continued with their growth and investment plans in the environment of a market that during 2020 and so far in 2021 was characterized by low interest rates that favored better conditions and access to funding sources.

This situation favored various financial operations that improved the debt profile of some Fibras, where we also observed the diversification of businesses in various funds that sought to serve new tenants, invest in property development and even merge, thus increasing the asset base of their portfolios.

During the first eight months of 2021, the Fibers market has been marked by significant asset repositioning movements, below we review the most relevant ones.

FUNO already at the end of 1Q 2021 had reported growth of 4%, despite the impact they had registered by the pandemic. On their corporate properties in Guadalajara, Mexico City and Monterrey, they carried out analyzes to evaluate the reconversion, as was being carried out in Parque Satélite and a corporate building in La Viga, where the corporate spaces changed to the use of hospitals.

Another incursion outside the usual sectors was the entrance to the funeral business during the month of February, with the purchase of 18 properties from Grupo Gayosso under a lease scheme for 2,192 million pesos to take advantage of the opportunities opened by the market due to the pandemic. .

Prologis, throughout 2021 reported various acquisitions. The first, was unveiled in February and involved three properties in Toluca, with an area of more than 23.9 thousand square meters for 18.6 million dollars. In April, it acquired an 8.8 thousand square meter industrial property located in Vallejo, seeking to strengthen its presence with last-mile spaces in the capital.

Check here: Fibra MTY plans new acquisitions

In July 2021, it acquired an industrial space of 20,635 square meters in Monterrey for 15.7 million dollars, on a property already rented from a renowned Mexican department store.

Also in July, the company reported the purchase of an industrial property in Ciudad Juárez with an area of 22.5 thousand square meters for 19.1 million dollars, which included the cost of closing and capital improvements required by the space.

Terrafina, in a June 2021 statement, indicated that it had allocated an investment of 43.5 million dollars to two new projects that focused on serving the growth of the logistics services and electronic commerce market.

The first the signing of a BTS in Tijuana for 32.8 thousand square meters and the second indicated a letter of intent with a company that deals with packaging for an area of 18.5 thousand square meters.

Terrafina also began the construction of a 32,887-square-meter property, which is expected to be leased to a company that operates in the electronic commerce sector. In the same way, they also left some assets such as the sale of a plot of land, adjacent to a property in Hermosillo, Sonora, equivalent to 62.9 thousand square meters for a total of 2.5 million dollars, being a transaction with which it sought to reduce its exposure in non-strategic markets.

Fibra Upsite is advancing with the construction of two custom projects in Upsite Juárez Park I and Upsite Tijuana Park I for a total of 29,952 square meters, which will increase the size of its portfolio by 54%.

Fibra Plus acquired the T-Mec III Industrial Park for an estimated 486 million pesos, located on the border of Mexico with the United States, it has 46,521 square meters of gross profitable area and capacity to generate annual net operating income of 51.3 millions of pesos.

Another purchase movement led by Fibra Plus in March is the acquisition of half of the Fibra HD Founders' Trust, giving the latter the opportunity to carry out the business combination with less dissolution. To date, Fibra Plus successfully completed the purchase of 70.90% of Fibra HD, paving the way for other similar operations to probably advance in 2022.

Of interest: Fibra Plus and Fibra HD unite their strengths

Another new investment trust debuted on the Mexican Stock Exchange in June, Mexico Infrastructure Partners placed its Fibra E 'FEXI', as a result of the divestment of three Development Capital Certificates (CKDes) and one Investment Project Certificates (CERPI). 

The resources obtained will be used to invest in highway projects through concessions, contracts or schemes entered into by the public sector or individuals.

For the remainder of 2021, significant portfolio movements are expected in a highly dynamic market, marked by ESG criteria to refer to environmental, social and corporate governance factors that are taken into account when investing in a company. 

The key for Fibras will be to set trends in how they design, build, operate and transform their real estate assets, with a long-term vision.