Fibra UNO : FUNO® announces the closing of asset sales announced earlier this year
December 09, 2020 at 01:21 am IST
Share
FUNO® ANNOUNCES THE CLOSING OF ASSET SALES
ANNOUNCED EARLIER THIS YEAR.
Mexico City, México, December 8th 2020.
Fibra Uno (BMV: FUNO11) ("FUNO®" or "Fideicomiso Fibra Uno"), the first and largest real estate investment trust in Mexico announces that, it has finalized the closing of the asset sales announced earlier this year. FUNO received a total amount of US$ 98.8 million for the sale of three industrial properties and three plots of land, in two separate transactions. The assets were sold to an institutional developer and a global financial institution.
FUNO has closed the sale of three industrial properties located in Reynosa, Ciudad Juarez and Ramos Arizpe, with a combined GLA of 89,945 m2 and also three plots of land of 409,525 m2 located in Ciudad Juarez and Reynosa for a total of US$ 98.8 million.
Considering the acquisition price and the final sale price, FUNO sold 1.70x above the original acquisition price. Considering the book value of the properties at the time of the sale, FUNO sold at a premium of 33% or 1.33x Price to NAV. The implied cap rate of the sale is 7.25%, with a price per square meter for the warehouses of US$974. The weighted average Internal Rate of Return of both transactions was 28%.
Both transactions were closed in US dollars. Proceeds from these sales have been or will be directed towards repurchase of our own CBFIs in a proportion of 60% and repayment or repurchase of our own debt in a proportion of 40%. During 2020, we have repurchased 77,027,606 CBFIs and repurchased or repaid the equivalent of US$18.5 million in debt.
.................................
About Fibra Uno.
Fibra Uno (Mexbol: FUNO11; Bloomberg: FUNO11:MM) is the first and largest FIBRA (REIT) in the Mexican market. It operates and develops a wide range of real estate assets for leasing, mainly in the industrial, retail and office segments. As of september 30th, 2020, Fibra Uno had a portfolio of 647 properties that totaled approximately 10.5 million sqm with footprint on all states of Mexico. Fibra Uno's strategy focuses in having the best locations, high-quality assets and geographic, segment and tenant diversification. Furthermore, FUNO ® management team has more than 30 years of expertise in development and operation of all segments of the real estate industry.
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
Original document
Permalink
Disclaimer
Fibra UNO Administracion SA de CV published this content on 08 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 December 2020 19:50:06 UTC
Fibra Uno Administracion SA de CV (Fibra Uno) is a Mexico-based company engaged in the operation of commercial real estate investment trust (REIT). The Company focuses on operating and developing a range of real estate assets for leasing, mainly in the industrial, retail and office segments. It aims at acquisition, development, rental and management of various types of commercial real estate projects in Mexico, including industrial, retail, office and mixed-use projects. The Company's portfolio comprises over 510 properties. Its business model includes portfolio management, maintaining relationships with tenants, sourcing of off-market acquisition opportunities, integration of acquisitions into portfolio, development and construction activity and growth of services businesses.