SAN
FRANCISCO, Aug. 6, 2024 /PRNewswire/ -- FIBRA
Prologis today closed on its tender offer to acquire shares of
FIBRA Terrafina with 77.14% of all shares under FIBRA Prologis
control. Prologis, Inc. (NYSE:PLD), the global leader of logistics
real estate, sponsors FIBRA Prologis, which acquires, owns and
manages Class-A industrial real estate in Mexico's most desirable economic markets.
FIBRA Terrafina manages approximately 42.2 million square feet
of industrial real estate across several key markets, which
includes 288 industrial warehouses and 4 land bank properties. As
of June 30, 2024, FIBRA Prologis was
comprised of 236 logistics and manufacturing facilities in six
industrial markets in Mexico,
totaling 46.9 million square feet (4.4 million square meters) of
gross leasable area.
"This investment comes at a unique moment for Mexico, and it demonstrates our long-standing
commitment to one of our most important markets," said Dan Letter,
president, Prologis. "We appreciate the vote of confidence
by Terrafina's stakeholders in the quality, sustainability and
global connectivity of FIBRA Prologis' logistics portfolio and in
our shared future success."
FIBRA Prologis: Large Player in Mexico's Industrial Real Estate
Market
Mexico was Prologis'
first international expansion 25 years ago and the company
continues to grow its business in the market. FIBRA Prologis owns
Class-A logistics and manufacturing facilities throughout
Mexico, of which about 70% are
located in consumption-driven markets and about 30% are located in
manufacturing-driven markets.
"FIBRA Prologis successfully acquiring a majority shareholder
position in FIBRA Terrafina is good for both shareholders and
customers but also for the Mexico
economy," said Héctor Ibarzabal, FIBRA Prologis' chief executive
officer. "Our company's scale, operational expertise and
investments provide an excellent platform to drive FIBRA Prologis
and Terrafina's business growth and shared success while
strengthening Mexico's economic
prospects and position as an international trade partner."
In 2024, FIBRA Prologis continues to see favorable market
conditions, with an almost 100% occupancy rate and continuous
rental growth.
Nearshoring drives growth in Mexico
Nearshoring is a
significant driver of demand in Mexico. According to Prologis
Research, Latin America will
continue to see rent growth at roughly double the global average,
driven in part by nearshoring. For example, every
US$1 billion invested in Mexican auto
factories can generate 5-10 MSF of local logistics
demand.
ABOUT PROLOGIS
Prologis, Inc. is the global leader in
logistics real estate with a focus on high-barrier, high-growth
markets. At June 30, 2024, the
company owned or had investments in, on a wholly owned basis or
through co-investment ventures, properties and development projects
expected to total approximately 1.2 billion square feet (115
million square meters) in 19 countries. Prologis leases modern
logistics facilities to a diverse base of approximately 6,700
customers principally across two major categories:
business-to-business and retail/online fulfillment.
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SOURCE Prologis, Inc.