Mexico City, April 25th, 2022 – Terrafina (”TERRA”) (BMV: TERRA13), a leading Mexican industrial real estate investment trust (“FIBRA”), externally advised by PGIM Real Estate and dedicated to the acquisition, development, lease and management of industrial real estate properties in Mexico, announced today the development of three industrial class-A properties which will add 800,000 square feet to its portfolio. The first project comprises two built-to-suit buildings in Ciudad Juárez totaling 650,000 square feet of GLA. These buildings will be developed for a tenant with a ten year-lease. The second project considers a 153,000 square feet building in the Apodaca market.
Terrafina expects these developments will require a total investment of US$47 million, and estimates they will generate US$4.5 million of annualized NOI.
These buildings will be developed on Terrafina’s strategic land reserves and certified under LEED standards, aligned with the ESG strategy. In this way, the Company will continue to increase its presence in fast-growing markets and unlock value for investors by pre-leasing to multinational and nearshoring tenants in Mexico.
Alberto Chretin, Terrafina’s CEO, commented: “We are pleased with the current progress and execution of our growth strategy, as well as our asset recycling program. With key support from our advisor PGIM Real Estate, Terrafina will continue to take advantage of the opportunities that arise from a strong and growing industrial real estate market in Mexico. We will continue to move forward with our ESG strategy as we develop more green buildings and focus on generating value for all of our stakeholders.”
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