The International Finance Corporation (IFC), said on Monday it has 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.
“The real estate market in Mexico is becoming greener. IFC is committed to promote 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,” added Juan Gonzalo Flores, IFC Country Manager for Mexico in a statement.
FIBRA Macquarie Mexico is a publicly traded Mexican real estate investment trust with a market capitalization of $1.3 billion. The entity is headquartered in Mexico City and primarily focused on the acquisition, development, leasing and management of industrial real estate assets.
The area to be developed includes energy efficiency upgrades of existing properties supported by IFC’s Green Pathways for Real Estate Institutional Portfolios (GRIP) decarbonisation program.
“We are continuing to execute on 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 market such as Monterrey, we have a pipeline to deliver attractive growth in the coming years,” said Andrew McDonald-Hughes, FIBRA Macquarie’s Chief Financial Officer in a statement.
“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,” added McDonald-Hughes.
