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FIBRA Prologis wraps up sale of Mexican portfolio

FIBRA Prologis closed the sale of a 95.7%-occupied building portfolio in Mexico to an unnamed major Mexican institutional investor for US$62.0 million, net of capital credit for near-term maintenance.

The portfolio, which spans about 1.1 million square feet, includes two buildings encompassing 423,021 square feet in Guadalajara; three buildings totaling 343,809 square feet in Monterrey; and one building each in Nogales, Querétaro and Saltillo with 139,673 square feet, 95,949 square feet and 71,868 square feet, respectively.

Fibra Prologis, which owns and operates class A industrial real estate in Mexico, will use the proceeds from the transaction to pay down its revolving credit line. The Mexican real estate investment trust said the proceeds were included in its 2019 guidance.