Fibra Mty concluded the early renewal of the lease contract with Whirlpool for three additional years to the original expiration.

According to the Real Estate Investment Trust (Fibra), the operation was carried out on the portfolio called “Filios”, with a new maturity in December 2031.

"Until the end of 3Q21, with just under 20% of revenues, Whirlpool is the most relevant tenant of Fibra Mty," said Fibra through a statement.

He also explained that as a consequence of this renewal, the weighted average term on entry (“WALT”) of the portfolio extends from 4.5 to 5.1 years, the longest since the Initial Public Offering of Fibra Mty in 2014 .

Check here: In Coahuila Vernicolor invests 6 million dollars

“This renovation reaffirms the close relationship we have with the tenants. In addition, it highlights the advantages of the tenants by having an institutional lessor with a solid balance sheet and financial capacity that meets current and future needs ”, he issued.

The “Filios” Portfolio is an industrial complex with 148 thousand 580 square meters of Gross Profitable Area (GLA).

This property was acquired by Fibra Mty at the end of 2018 through a simultaneous purchase and lease transaction (sale and leaseback) for an amount of 135 million dollars.

According to the Trust, the lease will continue to be denominated in dollars and maintains its nature as Triple Net Absolute (NNN +).

“In other words, Whirlpool will continue to pay in addition to the rent all operating expenses, insurance, property tax. As well as expenses related to the maintenance and upkeep of the buildings ”, he assured.

Of interest: Samuel's new installation in Querétaro

On the other hand, it was pointed out that the renewal contemplates certain capital investments by Fibra Mty, which will generate additional income during the term of the new lease, as well as an increase in the GLA of the portfolio.

“The transaction has a positive impact for investors. It increases the predictability of cash flow for an even longer period of time and highlights the commitment of multinational companies with Mexico ”, concluded Fibra.

Fibra Mty is the first real estate investment trust managed and advised 100% internally.

The company's strategy is based on the acquisition, administration, development and operation of a portfolio of corporate properties in the Mexican Republic.

In Solili you can check the availability of industrial buildings in Monterrey and Saltillo

Original note