Clarion Partners announced this week that it had sold a Mexico-based industrial portfolio to FIBRA Uno, a Mexican public REIT, for $202 million. The portfolio includes 22 industrial buildings and four land reserves containing a total of 67 acres. 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, according to a GlobeSt.com article. 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. Full terms of the deal were not disclosed.
"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."
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.
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