ESG Development in Mexican FIBRAs Update

This week, we return to our ESG Development Heatmaps updates, focusing on Mexican FIBRAs. As always, we looked at companies listed on the Mexican Stock Exchange and their publicly disclosed information. 

FIBRAs 

Source: Publicly available company materials 

What can we read from these heatmaps? 

• 19% of Fibras updated their materiality analysis in 2024. 

• Fibra SOMA and Fibra Storage no longer have a dedicated ESG Committee or team. 

• Fibra Macquarie is no longer aligned with TCFD standards and did not independently verify the ESG data of their report. 

• Fibra Macquarie identified KPIs for each of their material topics. 

• Fibra SOMA did not report under SASB standards this year. 

• Fibra Prologis is aligned with SBTi for the first time. 

• Fibra Monterrey aligned with the CDP for the first time. 

• Fibra Nova aligned with TCFD standards for the first time. 

• Terrafina and HD did not publish annual reports, likely due to their respective acquisitions. 

The FIBRA sector is a leader in applying ESG principles in the Mexican market and while this year saw some setbacks, great strides were taken to improve sustainability in this sector. Sustainability in real estate enhances long-term asset value, reduces operational costs, and increases resilience against regulatory risks. These benefits highlight the impact Fibras can have as an influence on the real estate sector should they continue to apply ESG principles in their business model. 

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.

Best,

Marimar

CEO, Miranda ESG