Mexico City, April 25, 2022 – A leading Mexican industrial real estate investment trust (“FIBRA”), externally managed by PGIM Real Estate and dedicated to the acquisition, development, lease and management of industrial real estate properties in Mexico, announced the development of three industrial class A properties which will add 800,000 square feet to its portfolio.
The first project has already been pre-leased and comprises two build-to-suit buildings in Ciudad Juárez totaling 650,000 square feet of GLA which will be developed for a tenant with a ten year-lease. The second project is expected to deliver a 153,000 square feet building in the Apodaca market.
“These developments are consistent with PGIM Real Estate’s ongoing focus on fastgrowing markets in Mexico, where strong industrial fundamentals present compelling investment opportunities that create inherent and relative value for our investors,” said Enrique Lavin, Deputy Head of Latin America. “In an environment characterized by cap rate compression, these developments enable the FIBRA to unlock value in its proprietary land bank, while producing above-market yields,” added Lavin.
Read the full press release at the link below