Fibra Next will be born as the largest industrial park player in Mexico, with 7.5 million square meters, but with the potential to double it in a few years.

Within the framework of the FUNO Day held in New York, Jorge Pigeon, vice president of Capital Markets and Investor Relations at Fibra Uno (FUNO), explained the characteristics with which the new real estate trust specializing in industrial spaces will be born, highlighting the size of the same and the amount of the Primary Public Offering (IPO).

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He described that they hope to raise between 850 and 1,250 million dollars (mdd), which will depend on the price range and the exchange rate, among other things. “The transaction will be that size,” he stated.

He added that after this transaction, FUNO will be deleveraged. He explained that Fibra Next will be the contribution of two portfolios, the first of 6.1 million square meters (m2) of FUNO, while e-Group will contribute 1.4 million stabilized m2. In total it will be a portfolio with occupancy of 97.2% estimated at 7.5 million m2, stabilized.

Fibra Next's initial portfolio is located 60% in Mexico City and its metropolitan area, which is the national logistics center, 15% in Bajío and the remaining 25% in the North of the country.

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Pigeon said that additionally, they will acquire the largest reserve of land ready to build industrial warehouses in the country, so Fibra Next will have 6 million m2 to develop, plus the 7.5 million m2 that they currently have.

"Fibra Next aspires to be 13.5 million m2, plus the resources raised from the IPO, perhaps reaching 14 or 14.5 million m2," he indicated.

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