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FIBRA Macquarie to sell US$87M of industrial assets, revises FY'18 guidance

FIBRA Macquarie México, a primarily industrial and retail-focused real estate investment trust, agreed to sell 37 nonstrategic industrial assets for US$87.4 million, in a deal expected to close in mid-2018.

The portfolio comprises 2.6 million square feet of gross leasable area spread across Mexico's northern markets, including Matamoros, Reynosa, Ciudad Juarez, Chihuahua, Mexicali and Tijuana.

The company will receive US$66.4 million at closing, and US$12.2 million and US$8.8 million at 18 months and 24 months after closing, respectively. The first payment will be used to fully pay down the company's US$40.0 million revolver, and all remaining proceeds will go toward expansions, developments and certificate repurchase, among other accretive investment opportunities.

Due to the transaction, the company has revised its adjusted funds from operations per-certificate guidance for 2018 to between 2.19 Mexican pesos and 2.24 pesos, from previous guidance of between 2.25 pesos and 2.30 pesos.

As of May 18, US$1 was equivalent to about 19.96 Mexican pesos.