The holders of the real estate trust certificates (CBFI's) of Terrafina, an industrial real estate investment trust, did not approve the proposal presented by Fibra Uno (Funo) to create the largest industrial real estate vehicle in Mexico.

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It was announced that the meeting was attended by 84.89% of Terrafina security holders. In the first instance, it is expected that the points presented would be discussed on June 11, but a holder, with 10% of the certificates, requested to postpone the vote for three business days to have more time to analyze said offer. 

With Funo's offer, a vehicle controlled by this trust would be formed that would integrate three industrial portfolios; Those of Fibra Uno, Jupiter and Terra, in total, would have 10.5 million square meters of gross profitable area.

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Over the course of the last week. Two competitors have dropped out of the competition to acquire Terrafina; now only Fibra Prologis, Fibra MTY, and the Blackstone-MRP Group alliance compete in the race.

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Original Note.