Prologis Property México entered into a Transaction and Covenant Agreement with FIBRA Macquarie México and FIBRA Prologis, transferring all management rights and obligations from Macquarie Asset Management México to Prologis. The agreement makes Prologis the new manager of the portfolio previously overseen by Macquarie.
The deal expands Prologis’s Mexican footprint. FIBRA Macquarie’s portfolio consists of 245 industrial properties and 17 retail properties spread across 20 cities in 16 states, while FIBRA Prologis holds 518 investment properties totaling 87.4 million square feet. By assuming management of these assets, Prologis will oversee leasing, operations, and asset performance for a substantial industrial real‑estate portfolio.
FIBRA Prologis will launch a tender offer for up to 100 % of FIBRA Macquarie’s CBFIs. The offer provides 0.525 FIBRA Prologis CBFIs for each FIBRA Macquarie CBFI, or cash at MXN $40.00 per CBFI, up to a maximum cash amount. The offer represents a premium to FIBRA Macquarie’s 60‑day volume‑weighted average price.
The transaction aligns with Prologis’s long‑term conviction in Mexico’s industrial real‑estate fundamentals and its focus on creating value for FIBRA Prologis holders. Macquarie is divesting its management rights to concentrate on other assets, while Prologis consolidates management control and positions itself to enhance revenue streams from management fees and performance incentives. "This transaction reflects our long‑term conviction in Mexico's industrial real estate fundamentals and our continued focus on creating value for our FIBRA Prologis holders by adding a high‑quality portfolio in a core market," said Héctor Ibarzábal, Managing Director of FIBRA Prologis.
Armando Fregoso, President of Prologis Latin America, added, "We are pleased to have entered into an irrevocable agreement with Macquarie to acquire its management rights, including FIBRA Prologis acquiring its affiliated holding of CBFIs at the tender price. We have long respected the quality of FIBRA Macquarie's portfolio and the platform and reputation it has built across Mexico's real estate markets. By combining portfolios, we expect to operate at greater scale and create stronger long‑term value for all CBFI holders."
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