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Terrafina Acquires Eight Industrial Properties in Northern Mexico for USD 59m.

MANews-(C)2009-2017

2 October 2017 - Mexican industrial real estate investment trust Terrafina (BMV: TERRA13) has acquired eight class A industrial properties located in the Northern region for USD 59m excluding taxes and transaction costs, the company said.

The acquisition will be financed with the proceeds obtained from the follow-on offering concluded in July 2017, using a total of USD 42.9m in cash and USD 16.1m from existing debt of one of the acquired portfolios, which will be reflected in Terrafina's balance sheet.

Finally, as a result of these transactions, the company expects an annualised AFFO increase in the range of 4% to 6%.

Terrafina was formed primarily to acquire, develop, lease and manage industrial real estate properties in Mexico.

The company's portfolio consists of attractive, strategically located warehouses and other light manufacturing properties throughout the Central, Bajio and Northern regions of Mexico. It is internally managed by industry specialists and externally advised by PGIM Real Estate.

Terrafina owns 272 real estate properties, including 260 developed industrial facilities with a collective GLA of approximately 36.5 m square feet and 12 land reserve parcels, designed to preserve the organic growth capability of the portfolio.

PGIM Real Estate is the real estate investment business of PGIM Inc., the global investment management business of Prudential Financial, Inc. (NYSE: PRU).

Country: Mexico

Sector: Construction/Real Estate

Target: Eight class A industrial properties located in the Northern region of Mexico

Buyer: Terrafina

Vendor:

Deal size in USD: 59m

Type: LBO

Financing: Cash

Status: Closed

Buyer advisor: , ,

Comment:

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Publication:M & A Navigator
Geographic Code:1MEX
Date:Oct 2, 2017
Words:255
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