Fibra Macquarie closes sale of 35 industrial assets for US$ 80 million
FIBRA Macquarie México, owner of one of the largest portfolios of industrial and retail property in Mexico, announced that it has closed on the previously disclosed sale of 35 non-strategic industrial assets for US$ 80.2 million of cash proceeds. Two additional industrial assets with an aggregate value of US$ 7.2 million remain under contract for sale and are expected to close at a later date.
The sale proceeds of US$ 80.2 million for the 35 assets are to be received in three tranches. FIBRA Macquarie received US$ 61.0 million at closing and will receive US$ 11.2 million and US$ 8.0 million 18 months and 24 months following closing, respectively.
Initial proceeds will be used to fully repay the US$ 40.0 million outstanding balance on FIBRA Macquarie’s revolver, with the remaining US$ 21.0 million held as unrestricted cash.
The transaction includes properties located in Mexico’s northern markets of Matamoros and Reynosa, in the state of Tamaulipas; Ciudad Juarez, Chihuahua; Mexicali and Tijuana, Baja California, that complements the US$ 30.1 million of asset sales completed previously.
In total, FIBRA Macquarie has sold 44 non-strategic properties at an aggregate 2.2% premium to their book value and generated a total of US$ 117.5 million in proceeds.
The sale enhances FIBRA Macquarie’s overall portfolio composition and key financial metrics as well as increasing total capital available to approximately US$ 300 million, including cash and undrawn credit facilities.
The available capital is expected to be re-deployed in accretive investments, including property expansion and development, and certificate repurchases for cancellation. The sale substantially completes FIBRA Macquarie’s near-term asset recycling program objectives.
FIBRA Macquarie México is a real estate investment trust, or FIBRA, listed on the Mexican Stock Exchange targeting industrial, retail and office real estate opportunities in Mexico, with a primary focus on stabilized income-producing properties.
FIBRA Macquarie’s portfolio consists of 271 industrial properties and 17 retail/office properties, located in 20 cities across 16 Mexican states as of March 31, 2018. Nine of the retail/office properties are held through a 50/50 joint venture.
FIBRA Macquarie is managed by Macquarie México Real Estate Management, S.A. de C.V. which operates within the Macquarie Infrastructure and Real Assets division of Macquarie Group.