Fibra Terrafina acquired 17 class A industrial properties in Mexico for US$180 million, excluding taxes and transaction costs.
The company had originally signed a deal to buy a portfolio of 20 properties for US$220 million but decided to revise the transaction size upon failing to meet the closing conditions for three of the properties. Fibra Terrafina said in a release that it would work to acquire the remaining properties by liaising with the seller to meet the required conditions.
The purchased properties offer a gross leasable area of 2.7 million square feet. The company will fund the acquisition with proceeds from its follow-on offering.
Fibra Terrafina said it had enlisted the seller, details of whom were not disclosed, as property manager, and would seek out further acquisition opportunities with it. Following the deal, the company expects its annualized adjusted funds from operations to register an increase of 13% to 14%.
