Fibra Terrafina Signs Binding Agreement for Construction of Industrial Property in Ciudad Juarez
September 28, 2018 at 05:25 pm EDT
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Fibra Terrafina announced the signing of a binding contract for the construction of a built-to-suit (BTS) industrial property located in Ciudad Juarez. During the last six months, Terrafina participated in an open bidding process and was awarded the construction of an industrial BTS property for an existing tenant in the automotive sector. The total estimated investment in this property (excluding taxes) is of USD 13.8 million. This property is expected to generate a development yield over stabilized net operating income (NOI) of above 12%. The construction process will take place in two phases. During the first phase, an estimated 100,000 square feet will be developed and delivered in the next six months. The second phase will consist of an expansion of approximately 160,000 square feet with the option for an additional 265,000 square feet. The leasing contract was signed for a ten-year period.
CI Banco SA Institucion de Banca Multiple FF/00939 is a Mexico-based company engaged in the real estate investment trust (REIT) operation. The Company focuses on the acquisition, construction, development, leasing and administration of industrial real estate assets in Mexico. The Company also provides financing secured by related leased properties. Its subsidiaries include TF Administradora S de RL de CV. The Company is directly controlled by Cibanco SA Institucion de Banca Multiple and indirectly by Tenedora CI SA de CV.