MEXICO CITY—Macquarie Mexican REIT (MMREIT) (BMV:FIBRAMQ)has completed its acquisition of two retail properties located in the Mexico City Metropolitan Area (MCMA) from companies controlled by Fondo Comercial Mexicano for around 153 million (Ps.2.0B). Including transaction costs and property tax, the total acquisition value is around $158 million (Ps.2.1B).
The properties, Coacalco Power Center and Tecamac Power Center, have a combined 134,246 square meters (approximately 1.45 million square feet) of gross leasable area and an occupancy rate of 98.7% (as of October 31, 2013).
MMREIT estimates the portfolio will generate about $12.8 million (Ps.166.8 M) of net operating income (NOI) and around $7.1 million (Ps.93.3M) million of funds from operations (FFO) in 2014. Estimated projected NOI includes forecast rental income plus maintenance recoveries and parking income, minus property operating expenses (including the estimated property administration fee) for the full year 2014. FFO is equal to NOI minus corporate general and administrative expenses, debt service and management fees.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
