F
ibra Uno (FUNO), the largest real‑estate investment trust in Mexico and Latin America, revealed at FUNO Day 2025 in New York that it will pour MX$10 billion (US$538 million) into its portfolio each year for the next five years. The MX$50 billion (US$2.6 billion) program is aimed at strengthening its industrial, retail and office holdings amid robust domestic consumption, growing third‑party logistics demand and sustained e‑commerce expansion. “Investor sentiment toward Mexico is highly positive. We are seeing macro stability, strong demand and an unprecedented opportunity to keep developing spaces that support the country’s growth,” said Gonzalo Robina, FUNO’s Deputy CEO.
A highlight of the event was the progress of Fibra NEXT, the new industrial REIT that will merge FUNO’s industrial assets with those of its founding group. Once launched, NEXT will become one of the largest industrial landlords in Mexico and Latin America. According to FUNO, NEXT will comprise 203 properties covering 8.1 million m² of GLA, with a 97.9 % occupancy rate and a 3.5‑year weighted average lease term. It will also gain exclusive access to a 13 million m² landbank, providing substantial long‑term growth potential. Ninety‑nine percent of NEXT’s GLA will be in the Mexico City metro area, the tightest and highest‑rent industrial market, where vacancy sits at 2 % and rents are rising twice as fast as elsewhere. NEXT is positioned to benefit directly from near‑shoring‑driven demand. FUNO also announced a MX$10 billion capital increase, including part of the Jupiter portfolio, to further bolster NEXT’s asset base.
Retail performance has remained strong, with FUNO’s retail portfolio maintaining a 92 % average occupancy from 2019 to 2025. Leasing spreads reached 7 % in pesos and 5 % in dollars, driven by demand for experience‑focused shopping centers and “life center” formats. The acquisition of the Apolo portfolio shifted the tenant mix, raising food and entertainment tenants from 12–13 % in 2019 to 35 % in 2025, reflecting Mexico’s shift toward experiential retail.
The office market is recovering, with 187 000 m² of net absorption in 2025 and an 88 % occupancy rate, outperforming Class A/A+ markets in Mexico City, Monterrey and Guadalajara. Prime corridors are tightening as technology, financial and global services firms expand their physical footprints, and landmark properties such as Torre Mayor, Torre Diana, Mitikah and Torre Mexicana continue to attract top corporate tenants.
Financially, FUNO distributed MX$0.605 (US$0.03) per CBFI in 3Q25, totaling MX$2.305 billion (US$124 million), fully funded by operating results. As of September 2025, the REIT managed 586 properties totaling 11.1 million m² of GLA, with consolidated occupancy at 95 %. The trust is pursuing an organic deleveraging plan, targeting a loan‑to‑value ratio of 33 % by 2030, keeping short‑term maturities below 5 %, and boosting controlling FFO per CBFI by up to 96 % under its “full‑potential” scenario. Refinancing of Apolo‑related debt and an optimized maturity schedule have strengthened FUNO’s balance sheet.
Looking ahead to 2030, FUNO’s base‑case scenario projects 46 % NOI growth, 92 % FFO growth, and a rise in controlling FFO per CBFI from MX$2.52 to MX$4.45, with the portfolio expanding to 13.7 million m² of GLA and LTV falling to 33 %. The full‑potential scenario envisions 86.9 % NOI growth, 153 % FFO growth, 16.9 million m² of GLA, and controlling FFO per CBFI reaching MX$4.93.
