Fibra Uno (Funo), Mexico’s biggest real estate trust, plans to invest US$ 1.85 billion in the development and acquisition of assets for commercial and industrial endeavors as well as corporate offices, revealed in recent days its deputy general director, Gonzalo Robina, during a press conference.
About 70% of the resources will be for the purchase of already established properties and the remaining 30% will go to the development of new projects, said the official.
Among the investments they plan to develop is a mixed-use project on Avenida Insurgentes, one of the most relevant real estate corridors in Mexico City.
The details of the project, as well as the amount of investment will be announced at the end of the first quarter, because it is still in the planning phase, Robina said.
Fibra Uno, which currently has more than 500 properties under lease, has seven projects in various phases of development which add up to 452,858.3 square meters of profitable area.
Two of these projects will soon be integrated into their current portfolio and will begin to generate cash flow through rents this year.
One of them is Centrum Park, an office complex located in the Metropolitan Area of Mexico City. The second is the Torre Cuarzo, a development of offices with commercial space that expects to be occupied by the first tenants in April, and has rented the first 25,000 square meters.
Funo currently has 7.7 million square meters of rentable area and its goal for 2020 is to reach 9.8 million.