FIBRA Monterrey Acquires Logistics Property in Guanajuato

FIBRA Monterrey (FMTY) has announced an agreement with AC2 Fund and Frontier Industrial & Logistics to acquire an industrial property in Leon, Guanajuato. The property, leased to Mercado Libre, aligns with FMTY’s objective to strategically invest in select logistics assets and strengthen its relationship with the e-commerce company.

FMTY reached an agreement with AC2 Fund, an investment trust formed by Artha Capital and Affinius Capital, and Frontier Industrial & Logistics, to acquire a US$105 million industrial property. The property, a stabilized Class A warehouse of approximately 82,250m², is fully leased to Mercado Libre.

The warehouse, less than a year old, is located on a plot of approximately 183,940m². The lease agreement with Mercado Libre is denominated in US dollars and has a remaining term of seven years. The lease operates under a triple net (NNN) structure, with Mercado Libre covering maintenance, insurance, property taxes, and management fees. The estimated net operating income for the first 12 months post-acquisition is approximately US$7.6 million.

This acquisition advances FMTY's investment strategy, moving the company past 75% of its US$700 million investment goal from its recent capital issuance. FMTY said the acquisition strengthens its portfolio, as it increases the average lease term to over five years, reducing the average property age to approximately 13 years, increasing US dollar-denominated income to approximately 85%, and raising the proportion of income from logistics properties to over 23%.

FMTY noted the e-commerce sector in Mexico has experienced a compound annual growth rate of 33.8% over the past six years and continues to expand at a double-digit pace, reaching 20% in 2024. This growth has driven a market with approximately US$43.1 billion in sales during 2024, increasing the demand for strategic, high-value logistics spaces for digital commerce operations.