FIBRA Macquarie

About us

 

FIBRA Macquarie is a real estate investment trust targeting industrial, retail and office real estate opportunities in Mexico with a primary focus on stabilized income-producing properties.


Overview

FIBRA Macquarie is a Mexican real estate investment trust, listed on the Mexican stock exchange (Bolsa Mexicana de Valores). It is focused on the acquisition, ownership, leasing and management of industrial and retail real estate properties in Mexico. 

FIBRA Macquarie was established on December 19, 2012 following a successful Initial Public Offering (IPO). Since then, the FIBRA has been active in growing its portfolio utilizing a disciplined approach, adding over 40 properties and several land parcels to the portfolio:

FIBRA Macquarie timeline

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2018 Acquired a parcel of land in Juarez (92 thousand square meters). Sold 35 non-strategic assets in Matamoros, Reynosa, Ciudad Juárez, Chihuahua, Mexicali and Tijuana (220 thousand square meters).
2017 Completed development of a class A building in Reynosa (13 thousand square meters). Sold five non-strategic assets in Ascension, La Paz, Tijuana, Durango and Villahermosa (56 thousand square meters).
2016 Acquired two industrial properties (35 thousand square meters) and a parcel of land (77 thousand square meters). Sold two non-strategic properties in Matamoros (19 thousand square meters).
2015 Acquired 16 industrial properties (290 thousand square meters), two build-to-suit projects (10 thousand square meters) and two land parcels (25 thousand square meters).
2014 Acquired 50% interest in nine retail properties (192 thousand square meters) through a joint venture with Grupo Frisa.
2013 Acquired 15 industrial properties and eight retail properties (403 thousand square meters)
2012 IPO and initial acquisition of 243 industrial properties (2.5 million square meters).

Opportunity

High quality

portfolio in prime industrial and consumer markets

Consistently strong

operational and financial performance

Scalable

 internal property administration platform

Strong track record

of disciplined capital deployment

Future growth

through flexible balance sheet and strong cash flow

Experienced management

 supported by quality institutional platform

Our team

FIBRA Macquarie is managed by a team with considerable expertise in both real estate and finance. In addition to its headquarters in Mexico City, FIBRA Macquarie has nine regional offices that host local property administration, leasing and engineering teams. This allows FIBRA Macquarie to be close to customers, brokers and prospects while maintaining strong links to financial markets.


Governance and administration

The governance of our FIBRA and administration of the assets it owns is of primary importance to us. Through effective and transparent governance and administration of our assets, we seek to create long-term value for our investors and enjoy long term relationships with our customers.

Our experience

FIBRA Macquarie provides consistently strong operational and financial performance by putting customers and investors first. Below are some examples that demonstrate this proactive approach to disciplined capital allocation and creating long-term value through expansions, development and strong capital management.

Situation

  • lack of availability of class A properties on the market in core locations and accretive prices
  • demand for class A buildings in Reynosa was high and our Reynosa portfolio was nearly fully occupied
  • saw opportunity to achieve accretive, double-digit NOI yield through developing new building
  • aim is to have a maximum of 5% of assets under construction at any point in time, maintaining FIBRAMQ’s current risk profile.

Outcome

  • successful completion of FIBRAMQ’s first development
  • constructed a 145k sqft, class A building in the premier industrial park in Reynosa
  • space is already 50% leased to a high quality logistics tenant
  • represents successful initiation of FIBRAMQ’s development program.

 

Situation

  • Fábricas de Francia, a Liverpool brand, wanted to establish a presence in Tecamac and Tuxtepec
  • approached FIBRA Macquarie to address their needs by constructing a new 6,800 sqm building in Tecamac and 6,200 sqm building in Tuxtepec
  • FIBRA Macquarie managed the design and construction of the shell buildings before delivering to Fabricas de Francia for fitout.

Outcome

  • 13,000 sqm GLA developed in two stores in Tecamac and Tuxtepec
  • Stores opened to the public on schedule on October 20, 2016 in Tecamac and November 16, 2016 in Tuxtepec
  • Additional 1,200 sqm GLA constructed adjacent to new Fabricas de Francias stores for lease to other customers
  • Fábricas de Francia provides an additional strong anchor to both centers and is drawing additional foot traffic.

Background

  • FIBRA Macquarie certificates have been trading at a significant discount to Net Asset Value (NAV)
  • current prices do not represent fair value for underlying assets and the income they generate
  • repurchasing our own certificates presents an accretive use of investment capital and can represent a competitive investment option
  • will benefit investors by improving the value of their investment on a per certificate basis in terms of NAV and Adjusted Funds From Operations (AFFO).

Status

  • certificate repurchase for cancellation program launched in June 2017.
  • as of September 30, 2019;45.7m certificates repurchased, representing 5.6% of certificates outstanding at the start of the program.
  • as of September 30, 2019; a maximum remaining program size of 897.1m is available, through to June 25, 2020.
  • all certificates have been or are in the process of being cancelled.

Contact us

Get directions

Our corporate office

Pedregal 24 Piso 21, Torre Virreyes
Lomas – Virreyes, Molino del Rey
11040, Ciudad de Mexico
México
fibramq@macquarie.com
+52 (55) 9178 7700