Fibra Prologis, a Mexican real estate investment fund, has acquired 77.14% of the certificates of TF Administradora Industrial (Terrafina). This is reported in the press release of Fibra Prologis.
As a result of the deal, FIBRA Prologis has strengthened its position in the industrial real estate market in Mexico, where it is one of the largest companies. Terrafina manages 42.2 million square feet of industrial real estate in several key markets, including 288 industrial warehouses and 4 properties in the land bank.
In May 2024, FIBRA Prologis, with the support of U.S. industrial REIT Prologis, offered to buy back Terrafina shares in exchange for its own shares with a coefficient of 0.580 Prologis shares per Terrafina share. In addition, Terrafina has received offers from Fibra MTY and Fibra UNO.
In July 2024, Blackstone Real Estate and MRP Group increased the value of the tender offer for the acquisition of 100% certificates of shares of Mexican Terrafina to 40.50 pesos from 38.5 pesos.
From Blackstone's point of view, the offer is the most beneficial for Terrafina, as it offers cash compensation and avoids potential negative tax consequences associated with competing share exchange offers.
Fibra Prologis is a Mexican real estate investment fund established to acquire and manage industrial facilities in Mexico. Fibra Prologis is under the external management of Prologis Property Mexico, S.A. de C.V., a subsidiary of Prologis, Inc.
Blackstone is an American investment company in the field of industrial real estate. The company has assets worth $339 billion under management. The core division of Blackstone+ invests in stabilized real estate assets. The company also includes Blackstone Real Estate Income Trust, Inc. for leveraging real estate and Blackstone Mortgage Trust. The headquarters is located in New York City.
MRP Group is an integrated institutional capital management platform in the real estate sector of Mexico. MRP has invested over $4.8 billion through 14 funds. The company participates in the development, acquisition and operation of projects in the commercial, hotel and multifunctional real estate sector.
Terrafina is a Mexican real estate investment fund established for the acquisition, development and management of industrial real estate in Mexico. The portfolio includes strategically located warehouses and other light industry facilities in the central and northern regions of Mexico. External management is carried out by PGIM Real Estate. Terrafina owns 280 properties, including 276 developed industrial facilities and 4 land plots.
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