Fibra Mty, S.A.P.I. de C.V. (BMV:FMTY 14) agreed to acquire The ''Garibaldi” industrial portfolio for $33.9 million.
November 26, 2019
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Fibra Mty, S.A.P.I. de C.V. (BMV:FMTY 14) agreed to acquire The ''Garibaldi” industrial portfolio for $33.9 million on November 27, 2019. Garibaldi portfolio consists of four properties located in the Apodaca, Ciénega de Flores and Guadalupe municipalities. The agreed price for the purchase of such properties was approximately $33.94 million, plus the corresponding VAT related to construction, and other taxes, as well as acquisition expenses. As of November 27, 2019, the acquisition cost of the two properties located in Ciénega de Flores and the one in Apodaca was fully settled in cash for approximately $27.94 million, pending approximately $6 million to be disbursed for the building located in Guadalupe. The cash settlement for the last property will be carried out progressively according to the dates on which such property begins to generate income from leases, as per the terms of the corresponding contract. The acquisition of the last property is expected to be closed in January 2020. In compliance with the regulation applicable to Trust 2157, and other legal provisions, this acquisition was duly authorized at its time by Fibra Mty’s technical committee, after a proper recommendation of its investment committee. Considering the total purchase price for the four buildings, Fibra Mty expects that this portfolio will generate an additional Net Operating Income of approximately $2.92 million during the twelve months following its acquisition.
Fibra Mty SAPI de CV is a Mexico-based company engaged in the operation of commercial real estate investment trust (REIT). The Company specializes in acquiring, managing and developing nonresidential properties, primarily located in Monterrey, San Pedro Garza Garcia, Apodaca, and Ciudad Juarez, among others. Its activities are divided into two segments: Office and Industrial. The Office division is responsible for renting real estate used for business purposes. The Industrial segment offers operating space in industrial facilities. Furthermore, it develops commercial areas, such as restaurants, cafes and retail stores. The Company is a parent of Administrador Fibra Mty SC, which manages the REIT.