Mexico City, Mexico//-The International Finance Corporation (IFC), a member of the World Bank Group, provided a $150 million sustainability-linked loan to FIBRA Macquarie México for the development of new green industrial parks in Mexico.
The loan will support the FIBRA Macquarie México 2023-2025 financing program, which includes the development of new green industrial parks in Mexico City, Monterrey, Ciudad Juárez, Reynosa and Tijuana for a total area of 2 million square feet in gross leasing area. It also includes energy efficiency upgrades of existing properties supported by IFC’s Green Pathways for Real Estate Institutional Portfolios (GRIP) decarbonization program.
FIBRA Macquarie Mexico is a publicly traded Mexican real estate investment trust with a market capitalization of $1.3 billion, headquartered in Mexico City and primarily focused on the acquisition, development, leasing and management of industrial real estate assets.
Andrew McDonald-Hughes, FIBRA Macquarie’s Chief Financial Officer, stated: “This new credit facility further enhances our financial flexibility. Through our prudent balance sheet management and capital allocation, we are well-positioned to fund our growth initiatives. We are continuing to execute our development pipeline to meet the ongoing demand from nearshoring tailwinds.
With projects under active development, as well as the recent acquisition of additional land in key markets such as Monterrey, we have a pipeline to deliver attractive growth in the coming years. This loan marks IFC’s first debt commitment to a Mexican FIBRA, and we are excited to deepen our relationship with the World Bank Group and appreciate the strong support and continued confidence of our banks and the debt capital markets.”
Juan Gonzalo Flores, IFC Country Manager for Mexico, noted: “The real estate market in Mexico is becoming greener. IFC is committed to promoting greater sustainability in Mexico’s real estate sector, especially in the industrial assets sector, a key area to take advantage of the historic opportunity represented by nearshoring. This effort with FIBRA Macquarie will contribute to meet the demand for modern and sustainable industrial parks.”
IFC develops an integrated offering to help large owners of real estate assets define and implement decarbonization and/or net zero emissions strategies at the portfolio level to promote the green transition of the sector.
