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ESG Development in FIBRAs update

This week, we return to our ESG Development Heatmaps updates, focusing this time on the Mexican FIBRAs. As we have done previously, we have focused only on (1) companies listed on the Mexican stock exchanges and (2) the materials publicly disclosed by those companies.



*Note: During 2021, Fibra Plus acquired 50% of Fibra HD. After this acquisition, Fibra HD’s sustainability efforts are most likely being consolidated at Fibra Plus’s level.

Source: Publicly available company materials.


What can we see in this heatmap?

  1. Three FIBRAs updated their materiality analyses in 2021 (Educa, Plus, Uno). Four others published their first materiality analysis (Macquarie, Nova, Prologis, Storage). This means only 2 FIBRAs haven’t done a materiality analysis yet.
  2. 81% of the FIBRAs prepared an annual or sustainability report this year, 5% less than in 2020.
  3. Fibra Monterrey and Fibra Shop joined Fibra HD, Terrafina, and FUNO in sharing KPIs for all its material topics.
  4. Fibra Shop established goals for all of those KPIs for the first time.
  5. 75% of the sector now has an ESG committee or dedicated team.
  6. Two FIBRAs mapped their contributions to the SDGs for the first time (Educa and Storage).
  7. We congratulate Fibra Hotel for joining Fibra Uno in committing to SBTi.
  8. There are now six signatories of the UN’s Global Compact (after Fibra Hotel and Fibra Storage joined).
  9. 88% of the sector reports GRI indicators (compared to 73% last year).
  10. 69% of the sector reports SASB indicators (compared to 53% last year).
  11. External verification remains uncommon (only five FIBRAs externally verified their annual reports).


With another year of good progress, the FIBRA sector continues to be one of the sectors with the most visible efforts to improve their ESG strategies in Mexico. As we have said in the past, this is possibly a direct response to investors’ requirements, as the market continues to focus on FIBRAs’ governance issues. As it stands, the sector is likely going to become the most mature sector for sustainability issues in the Mexican market.

I hope you found this interesting. As usual, if there is anything we can help you with, or if there is an ESG topic you would like to know more about, please let us know.



CEO, Miranda ESG

Contacts at Miranda Partners

Damian Fraser
Miranda Partners

Marimar Torreblanca