The Mexican peso has appreciated by 12.1% in the first six months of 2023. This strength of weight brings with it winners and losers. In the last case, real estate investment trusts (Fibras) were found that receive income in dollars from the conversion of the exchange rate.

“The growth in reported revenues has been offset by the appreciation of the Mexican peso against the US dollar so far in 2023. Most industrial contracts are denominated in dollars, and revenues in said currency continue to show growth in revenues from double digit”, explained Eduardo López Ponce, analyst at Banco Ve por Más (BX+).

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The analyst indicated that the performance of nine Fibras, as a representative sample, showed an annual growth rate of 9% in total revenues during the first half of the year. But this increase would have been higher if the peso had not appreciated by 12.1% in the first six months of 2023.

It stands out in the Fibra Shop list, with an increase of 43.8%, followed by Fibra Monterrey, with a growth of 29%; Fibra Danhos, with an increase of 12.2%; Fibra Uno, with an increase of 10.1% during the first half of the year.

"In general terms, the growth observed in income was offset by the effect of higher interest rates, in the proportion that the Fibras maintain at a variable rate," added the analyst.

However, he said that the Fibras that rent industrial buildings are the ones that receive income in dollars, and have reported benefits due to the demand for these spaces through nearshoring.

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This is reflected in the occupancy rate of this real estate segment, which remains close to 100%, as foreign companies are relocating to Mexico to be closer to the United States market.

“This has mainly favored the border markets where the scarcity of land and high demand will continue to drive high occupancies and increases in rents. The metropolitan markets, such as Mexico City, also register occupancies close to 100%”, explained the specialist.

In Solili you can consult industrial warehouses available in Monterrey, Saltillo and Tijuana

Original note