Fibra Prologis puts on sale up to US$70 million worth non-strategic assets
Fibra Prologis will sell non-strategic assets to institutional investors with a value ranging from US$50 million to US$70 million before the end of the first quarter of this year, as part of its 2019 financial guidance.
CEO Luis Gutiérrez said in documents filed to stock regulators that they currently have a US$200-million worth portfolio that they would like to ‘recycle’, but it depends to a large extent on fiscal implications and the exchange rate.
He commented that as the year progresses effects are begin closely watched, so that additional sales may occur, but overall the company will maintain prudence, so in the guide acquisitions are currently discarded.
“We are selling one million square feet of properties in Guadalajara, Monterrey, Querétaro and Nogales, that is outside the six markets in which we are actively investing,” explained Héctor Ibarzabal, managing director in Mexico of Prologis.
He said that there is already a potential buyer for these properties, although brokerage firm CBRE is still marketing the assets until a signed deal is confirmed.
Jorge Girault, Prologis CFO, said that the company will use the income from this transaction to pay credit facilities.