‘Sold Out’ Warehouse Operator in Mexico to Invest $700 Million
- Mexico REIT Fibra Prologis plans investment in warehouses
- Parent company will also spend an addititional $500 million
A worker prepares a shipment of goods at the MercadoLibre Distribution Center (Cedis) at Prologis Park Grande in Tepotzotlan, Mexico state, Mexico, on Tuesday, Nov. 29, 2022.
Photographer: Mauricio Palos/BloombergDemand for industrial park space in the Mexican northern cities of Tijuana and Ciudad Juarez is so high that Prologis Property Mexico SA has wait-listed companies looking to set up shop or to expand their current space.
The Mexican real estate investment trust commonly known as Fibra Prologis is planning to invest approximately $700 million this year in warehouses and already built parks, said managing director Hector Ibarzabal in an interview. Prologis Inc., which owns 43% of the Fibra, will invest another $500 million in undeveloped land that carries more risk, he said.