Terrafina, an industrial real estate investment trust, announced an investment of 21 million dollars and the signing of new contracts as part of its 2023 expansion plan.

In a statement, it informed the start of the development of new properties in Ciudad Juárez and Monterrey, as well as the expansion of a property in Ramos Arizpe and two new lease contracts.

The properties in Ciudad Juárez and Monterrey comprise a gross rental area of 473,000 square feet and an investment of 18.6 million dollars. Terrafina estimated that they could generate an annual net operating income of $ 2.1 million.

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The development of Ramos Arizpe, in Coahuila, will include resources for 2.8 million dollars and will begin to generate income from July 2022. It is about 38 thousand square feet.

The industrial real estate trust also signed two lease agreements.

One for seven years was with a packaging manufacturer that will generate a net operating income of $ 1.6 million.

The second signature was with a last mile electronic commerce company, the contract will be for five years and will add a net operating income of 320 thousand dollars per year.

"Terrafina has invested in new developments throughout the year, taking advantage of its territorial reserves and the new growth opportunities that have arisen from e-commerce activities in Mexico," said Alberto Chretin, general director of fiber, in the statement.

The real estate firm highlighted that with these advances it concluded its first year of strategic growth plan, with more than one million square feet of new developments in process or starting operations, with investments totaling 68.4 million dollars and which it hopes will give it annual income. for seven million.

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He reiterated that most of his investments should be fully stabilized by the third quarter of 2022.

"We will seek to continue with a focus on the quality of our assets, our markets and the generation of value for our stakeholders," added Alberto Chretin.

Analysts at Monex Casa de Bolsa considered "key the progress of Terrafina in its strategy, since the vision of various investors in the face of possible movements in interest rates, they expect defensive dividends and with an expectation of progress towards the next few years".

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