NEW YORK, and MEXICO CITY-Clarion Partners, a leading real estate investment manager in the Americas, plans sell to a 22-building industrial portfolio located in Mexico to FIBRA Uno, a Mexican public REIT.
In addition to the 22 buildings, four land reserves containing a total of 67 acres are included in the $202 million transaction. Grupo Garza Ponce, a Mexican real estate developer and Clarion Partners’ joint venture partner in the portfolio, contributed six additional properties to bring the combined sale value to $275 million.
Nineteen tenants, including U.S, Mexican and international companies, occupy 91% of the portfolio’s 2.8 MM square feet of NRA across five metropolitan areas: Monterrey, Saltillo, Reynosa, Ciudad Juarez and San Luis Potosí. The properties are strategically located to take advantage of proximity to key cross-border supply chain networks as well as Mexico’s favorable demographics.
“Rising manufacturing costs in China and investor-friendly legislation in Mexico is encouraging tech, apparel and auto manufacturing firms to ‘re-shore’ production, which in turn has boosted demand for industrial real estate,” observed Alejandro Cuadros, a vice president at Clarion Partners and head of the transaction team. “This strategic sale is typical of Clarion’s active portfolio management approach.”
The purchaser, FIBRA Uno, was Mexico’s first public REIT to list on the Mexican stock exchange in 2011 and is the largest of its kind by market capitalization.
Clarion Partners has been a leading U.S. real estate investment manager for over 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England as well as a presence in Mexico. With $28.6 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors.