Macquarie Mexican REIT Completes Acquisition of Two Retail Properties
Located in the Mexico City Metropolitan Area
*Portfolio expected to generate approximately Ps.93.3 million
(approximately US$7.1 million) of funds from operations in 2014
MEXICO CITY -- November 4, 2013
Macquarie Mexican REIT (MMREIT) (BMV:FIBRAMQ) today announced that it has
completed its acquisition of two retail properties located in the Mexico City
Metropolitan Area (MCMA) from companies controlled by Fondo Comercial Mexicano
for Ps.2.0 billion (approximately US$153.3 million). Including transaction
costs and property tax, the total acquisition value is Ps.2.1 billion
(approximately US$158.4 million) based on an exchange rate of 13.07 Ps/USD.
The properties, Coacalco Power Center and Tecamac Power Center, have a
combined 134,246 square meters (approximately 1.45 million square feet) of
gross leasable area and an occupancy rate of 98.7% (as of October 31, 2013).
MMREIT estimates the portfolio will generate approximately Ps.166.8 million
(approximately US$12.8 million) of net operating income (NOI) and Ps.93.3
million (approximately US$7.1 million) of funds from operations (FFO) in 2014.
Estimated projected NOI includes forecast rental income plus maintenance
recoveries and parking income, minus property operating expenses (including
the estimated property administration fee) for the full year 2014. FFO is
equal to NOI minus corporate general and administrative expenses, debt service
and management fees.
“As I noted previously, this acquisition is consistent with our strategy of
diversifying our portfolio across Mexico’s growing retail sector,” said Jaime
Lara, Chief Executive Officer of MMREIT. “We are excited about the long-term
growth potential this acquisition provides as these properties are high
quality, strategically located and occupied by strong anchor tenants. We
believe these two properties are well-positioned to benefit from growth in
Mexico’s middle class, which is driving retail and consumer spending across
The transaction was funded with Ps$940.0 million (approximately US$71.9
million) of senior debt drawn under a new credit facility with Banamex,
Ps$230.7 million (approximately US$17.6 million) drawn under a fund-level VAT
facility with Macquarie Bank Limited and Ps$1.1 billion (approximately US$86.5
million) of available cash.
“The formal commencement of our relationship with Banamex is a very important
step for MMREIT, and one that further extends locally the global relationship
between our two institutions,” added Lara.
MMREIT has now closed on two of the three acquisitions that it has announced
this year. MMREIT expects that the three acquisitions announced year-to-date
will generate FFO in a range of between Ps.0.48 and Ps.0.52 (approximately
US$0.037 and US$0.040) per CBFI on an annualized basis when all three have
closed. Those acquisitions are expected to produce FFO of approximately
Ps.313.2 million (approximately US$24.0 million) on an annualized basis when
MMREIT’s portfolio now consists of 259 industrial properties and two retail
properties totaling 30.0 million square feet (2.7 million square meters) of
gross leasable area across Mexico.
About Macquarie Mexican REIT
Macquarie Mexican REIT (MMREIT) (BMV:FIBRAMQ) is a real estate investment
trust (fideicomiso de inversíon en bienes raices), or FIBRA, listed on the
Mexican Stock Exchange (Bolsa Mexicana de Valores) targeting industrial,
retail and office real estate opportunities in Mexico, with a primary focus on
stabilized income-producing properties. MMREIT’s portfolio consists of 259
industrial properties and two retail properties located in 21 cities across 16
Mexican states (as of November 4, 2013). For additional information about
MMREIT, please visit www.macquarie.com/mmreit.
About Macquarie Group
Macquarie Group (Macquarie) is a global provider of banking, financial,
advisory, investment and funds management services. Macquarie’s main business
focus is making returns by providing a diversified range of services to
clients. Macquarie acts on behalf of institutional, corporate and retail
clients and counterparties around the world. Founded in 1969, Macquarie
operates in more than 70 office locations in 28 countries. Macquarie employs
approximately 13,900 people and has assets under management of over A$385
billion (as of September 30, 2013).
Macquarie Infrastructure and Real Assets, a division of Macquarie, is a
leading global alternative asset manager specializing in investments across
infrastructure, real estate, agriculture and energy. Macquarie Infrastructure
and Real Assets manages 49 funds with US$101 billion of assets under
management across 25 countries (as of March 31, 2013).
Cautionary Note Regarding Forward-Looking Statements: This release may contain
forward-looking statements. Forward-looking statements involve inherent risks
and uncertainties. We caution you that a number of important factors could
cause actual results to differ significantly from these forward-looking
THIS RELEASE IS NOT AN OFFER FOR SALE OF SECURITIES IN THE UNITED STATES, AND
SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION
OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS
Macquarie Mexican REIT
Jay Davis, +1-212-231-1825
For international press queries:
Paula Chirhart, +1-212-231-1239
For press queries in Mexico:
CarralSierra PR & Strategic Communications
Jose Manuel Sierra
Cel: +52 55 5105 5907
Tel: +52 55 5286 0793
Cel: +52 55 3355 4968
Tel: +52 55 5286 0793
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