FUNO Reactivates CBFI Repurchase Program Amid Value Decline

FIBRA Uno (FUNO), the largest real estate investment trust (FIBRA) in Mexico and Latin America, re-activated its Real Estate Trust Certificate (CBFI) repurchase program. This marks the first time the company has initiated such a program since 2022 and comes amid a constant decrease in FUNO’s certificate value in the stock market. 

On Jan. 13, 2025, FUNO announced the acquisition of 100,000 of its outstanding and circulating CBFIs at a price of MX$19.98 (US$0.98) each, totaling an investment of MX$1.9 million, as disclosed in a report to the Mexican Stock Exchange (BMV). According to the company, until that point, its remaining funds totaled MX$3.63 billion. 

The next day, on Jan. 14, 2025, the company announced a purchase of another 234,908 CBFIs at MX$20.21 each, resulting in an expense of MX$4.7 million. With this translation, its remaining funds for similar transactions total MX$3.61 billion. 

This is the first time FUNO has repurchased its CBFIs since 2022. On Aug. 2, 2024, FUNO announced the repurchase of 1.4 million CBFIs at MX$29.84 each, accounting for a total cost of MX$29.8 million. 

The CBFI repurchase follows a decline in FUNO’s certificate value. Since its inception in 2011, the company’s highest CBFI price reached MX$47.89. Over the past year, FUNO’s CBFIs have lost 29.25% of their value, dropping from over MX$29.40 on Jan. 15, 2024, to MX$20.80 on the same date in 2025. Additionally, since the start of 2025, FUNO’s value has decreased by 1.93%.

FUNO in 3Q24

According to FUNO’s 3Q24 report, its Net Asset Value per CBFI (NAV/CBFI) totals MX$50.51. As of Jan. 15, 2024, FUNO CBFIs closed trading at MX$20.8, meaning they are being traded 58.82% below their value.

FUNO describes its business model as counter-cyclical, given its exposure to a variety of industries rather than relying on a single sector. Retail properties contribute over 43% of the company’s Net Operating Income (NOI), followed by industrial properties at 33%, office spaces at 14%, and 10% from other segments. As of 3Q24, FUNO holds an 11.4% market share in the office segment, 11.5% in the retail segment, and 9% in the industrial segment.