The price at which the proposal to combine its industrial portfolio with that of Fibra Terrafina began was classified as attractive by Barclays analysts.

This is because Funo, the largest real estate investment trust in Mexico, put on the table an exchange of 49.63 pesos per stock certificate.

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This proposal aims to form a subsidiary vehicle with the combination of three industrial portfolios, including that of Funo, the planned acquisition of the Jupiter portfolio at a later stage, as well as the 4 million square meters of Terrafina.

At the offered price, Terrafina's portfolio has a cap rate value of 7.4% (NOI 2024 estimated) and a net asset value (NAV) of 1.08, which looks attractive firsthand compared to current multiples.

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It was added that there is still time and more information needed for this transaction to be properly evaluated, Funo and Terrafina must provide more additional details on the terms and conditions of the proposal so that a benefit is achieved for both parties and avoid associated risks.

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Original Note.