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ESG Development in FIBRAs update

Hope you are doing well. Welcome back to our brief thoughts on ESG.

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


 Source: Publicly available company materials 

*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.

What can we read from this heatmap? 

  1. Fibra Hotel updated its materiality analysis in 2022. Along with this, it joined Fibra Uno as an industry leader in meeting all strategic and ESG communication categories by identifying KPIs and goals for all of its material topics.
  2. There are still two FIBRAs that have not yet published sustainability reports.
  3. A couple of peers are getting closer to defining their ESG KPIs and goals for all material topics (Fibra Educa and Fibra Danhos).
  4. Fibra Monterrey committed to the Science Based Targets Initiative and received an external verification for its report for the first time.
  5. 75% of the FIBRAs now report SASB indicators (Educa did so for the first time).

The next year may be a transformational year for this sector in terms of corporate governance. As FUNO announced an internalization transaction, it is likely that more will follow. With it, the biggest ESG pushback the sector has faced from investors may fade away (naturally, only if internalizations are done the right way). We are looking forward to this and will continue to study how FIBRAs evolve in the future.

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