FIBRA Macquarie México Reports Third Quarter 2016 Results

October 27, 2016 8:57 PM EDT

AFFO per Certificate Increases 27.1% YoY

MEXICO CITY--(BUSINESS WIRE)-- FIBRA Macquarie México (FIBRAMQ) (BMV: FIBRAMQ), owner of one of the largest portfolios of industrial and retail/office property in Mexico, announced its financial and operating results for the quarter and nine months ended September 30, 2016.

HIGHLIGHTS

  • AFFO per certificate of Ps 0.5357, a 27.1% increase from the prior comparable period
  • Achieved overall occupancy of 92.9%, up 100 bps from the prior comparable period
  • Increased average rent per square meter across the portfolio over 100 basis points compared to the prior quarter
  • NOI margin increased 190 basis points compared to the prior comparable period
  • Declared a distribution of Ps 0.4400 per certificate, representing an AFFO payout ratio of 82.1% for the quarter and 86.5% on a Q3 2016 YTD basis

“We delivered another solid quarter of financial results as we continue to execute on our strategy of enhancing the value of our assets, leveraging the strong relationships we have with our customers, and growing our portfolio in a disciplined way. Leasing demand remains strong in our core markets, and our platform is meeting the needs of both existing and new customers,” said Juan Monroy, FIBRA Macquarie’s chief executive officer. “To help drive our growth, we are maintaining an active pipeline of accretive investment opportunities and continue to evaluate our portfolio for prospects to expand or redevelop existing properties. Our growth is supported by our strengthened balance sheet and enhanced liquidity, along with selective asset recycling opportunities.”

FINANCIAL RESULTS

For the quarter ended September 30, 2016, FIBRAMQ reported:

  • Earnings before interest, tax, depreciation and amortization (EBITDA) of Ps 726.8 million, compared to Ps 600.3 million for the comparable period in 2015
  • Funds from operations (FFO) of Ps 512.7 million, or Ps 0.6320 per certificate, compared to Ps 408.4 million, or Ps 0.5034 per certificate, for the comparable period in 2015
  • Adjusted funds from operations (AFFO) of Ps 434.7 million, or Ps 0.5357 per certificate, compared to Ps 342.0 million, or Ps 0.4216 per certificate, for the comparable period in 2015

For the nine months ended September 30, 2016, FIBRAMQ reported:

  • EBITDA of Ps 2,084.1 million, compared to Ps 1,637.4 million for the comparable period in 2015
  • FFO of Ps 1,440.9 million, or Ps 1.7759 per certificate, compared to Ps 1,136.8 million, or Ps 1.4011 per certificate, for the comparable period in 2015
  • AFFO of Ps 1,238.8 million, or Ps 1.5268 per certificate, compared to Ps 956.2 million, or Ps 1.1784 per certificate, for the comparable period in 2015

OPERATING RESULTS

FIBRAMQ’s total portfolio results were as follows:

                       

TOTAL PORTFOLIO

3Q16

3Q15

Variance

YTD 16

YTD 15

Variance

Net Operating Income (NOI) Ps 783.1m Ps 660.0m 18.7% Ps 2,255.4m Ps 1,817.6m 24.1%
FFO Ps 512.7m Ps 408.4m 25.5% Ps 1,440.9m Ps 1,136.8m 26.8%
AFFO Ps 434.7m Ps 342.0m 27.1% Ps 1,238.8m Ps 956.2m 29.6%
GLA (’000s sqm) EOP 3,408 3,401 0.2% 3,408 3,401 0.2%
Occupancy EOP     92.9%     91.9%     100 bps     92.9%     91.9%     100 bps
 

FIBRAMQ’s same store portfolio results were as follows:

           

TOTAL PORTFOLIO - SAME STORE

3Q16

3Q15

Variance

Net Operating Income Ps 740.3m Ps 638.7m 15.9%
GLA (’000s sqm) EOP 3,151 3,170 -0.6%
Occupancy EOP 92.3% 91.7% 60 bps
Retention (LTM) 65% 77% -1220 bps
Weighted Average Lease Term Remaining (years) EOP     3.7     3.7     -1.5%
 

Note: GLA in FIBRAMQ’s same store portfolio includes completed expansions, and excludes GLA which is currently subject to redevelopment or binding sale agreements.

Industrial Portfolio

The following table summarizes the operational results for FIBRAMQ’s industrial segment during the quarter ended September 30, 2016 and the prior comparable period.

           

INDUSTRIAL PORTFOLIO

3Q16

3Q15

Variance

Net Operating Income Ps 650.0m Ps 526.7m 23.4%
GLA (’000s sqft) EOP 31,884 31,816 0.2%
GLA (’000s sqm) EOP 2,962 2,956 0.2%
Occupancy EOP 92.6% 91.4% 120 bps
Average monthly rent per leased sqm (US$) EOP $4.47 $4.42 1.1%
Retention (LTM) 65% 77% -1,200 bps
Weighted Average Lease Term Remaining (years) EOP     3.3     3.3     0.6%
 

The industrial portfolio occupancy rate at the end of the third quarter was 92.6%, up 120 basis points over the prior comparable period and flat sequentially. Reflecting the tightness of the rental market, average rental rates reached their highest levels since the first half of 2015, up 1.1% over the prior comparable period to US$4.47 per leased square meter. This improvement was driven primarily by contractual rent increases along with positive spreads on renewals. Furthermore, FIBRAMQ made progress leasing space that had been vacant for extended periods. The at-market rental rates achieved on these properties were lower than the FIBRAMQ portfolio average but are incrementally positive to NOI.

As expected and previously communicated, FIBRAMQ experienced a high level of customer move-outs arising from a range of tenant-specific circumstances in the third quarter, resulting in a retention rate of 65%. During the quarter, ten tenants representing 634 thousand square feet of space vacated properties at the end of their scheduled lease term.

FIBRAMQ signed 23 leases comprising 1.4 million square feet of new and renewal leases during the quarter, in line with the prior comparable period. Signed leases included six new leases totaling 347 thousand square feet and 17 renewal leases totaling 1.1 million square feet.

Notable new leases included those with two existing customers who are expanding their operations, reflecting the positive impact of FIBRAMQ’s “customer first” initiative. These include a 114 thousand square foot lease with a logistics customer in Puebla, and a 65 thousand square foot lease with an electronics manufacturer in Mexicali. FIBRAMQ also leased 70 thousand square feet to a plastic injection molding manufacturer in Hermosillo and 60 thousand square feet in Monterrey to a specialist in paint manufacturing processes servicing the automotive industry.

FIBRAMQ continues to seek expansion opportunities to accommodate changing customer needs and create additional value in its portfolio. FIBRAMQ delivered seven thousand square feet to an existing manufacturer in Querétaro during the quarter. Subsequent to quarter end, FIBRAMQ delivered its largest expansion to date, the shell for a 215 thousand square foot expansion for Belden de Sonora’s industrial facility in Nogales.

Retail/Office Portfolio

The following table summarizes the results of operations for FIBRAMQ’s retail/office segment during the quarter ended September 30, 2016 and the prior comparable period.

           

RETAIL/OFFICE PORTFOLIO

3Q16

3Q15

Variance

Net Operating Income Ps 133.1m Ps 133.3m -0.2%
GLA (’000s sqm) EOP 446 445 0.2%
Occupancy EOP 94.7% 94.9% -20 bps
Average monthly rent per leased sqm (Ps) EOP 144.52 141.28 2.3%
Retention (LTM) 68% 83% -1500 bps
Weighted Average Lease Term Remaining (years) EOP     5.2     5.2     0.0%
 

At September 30, 2016, the retail/office portfolio occupancy declined 20 basis points to 94.7% versus the prior comparable period and declined 50 basis points sequentially. FIBRAMQ signed 37 leases representing 2,817 square meters, including 28 new leases and 9 renewals during the quarter. The decline in occupancy was due, in part, to early lease terminations where FIBRAMQ is aiming to lease the GLA at better terms and further improve its retail/office tenant mix. Average monthly rent increased by 2.3% to Ps 144.52 per leased square meter compared with the third quarter in 2015.

FIBRAMQ achieved important milestones in the development and expansion of its retail/office portfolio, focusing in the key Mexico City Metropolitan Area (MCMA). Subsequent to quarter end, FIBRAMQ completed its previously announced 8,100 square meter expansion at its Tecámac Power Center, located in a densely populated northern market of MCMA. 6,800 square meters was leased to Fábricas de Francia, a leading Mexican retailer. Reflecting the expected increase in foot traffic arising from the addition of a well-known retailer, FIBRAMQ has leased 454 square meters of newly developed adjacent space to other high-quality tenants. At MagnoCentro, a fashion mall located in an affluent suburb of the MCMA, FIBRAMQ completed the installation and renovation of escalators and elevators to enhance shopper experience. Additionally, its new Cinépolis tenant opened a remodeled 13-screen theatre, including four state-of-the-art luxury screens.

PORTFOLIO ACTIVITY

FIBRAMQ maintains an active pipeline of opportunities focusing on expansions and redevelopment of existing properties and selective development in core markets.

FIBRAMQ has commenced construction of a new 142 thousand square foot industrial building in Reynosa where occupancy in its existing buildings was 96% at quarter end. Construction is expected to be completed in the first half of 2017. FIBRAMQ also began a US$2 million redevelopment and expansion of a 59 thousand square foot facility in Ciudad Juárez.

FIBRAMQ continues to evaluate property recycling opportunities to enhance the quality and growth profile of its overall portfolio, as well as to continue to improve operating efficiencies as a premier real estate manager. As the first step in this continuous program, during the quarter FIBRAMQ agreed to dispose of two vacant properties in Matamoros totaling 205 thousand square feet for approximately US$1.9 million. The sale is expected to close in the fourth quarter of 2016. Proceeds from the asset recycling program are expected to be used to pay down the drawn revolver or be redeployed into opportunities with better growth prospects, such as the previously mentioned Ciudad Juárez redevelopment.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITY

As of September 30, 2016, FIBRAMQ had approximately US$899 million of debt outstanding, US$161 million available on its undrawn revolving credit facility and US$26 million of unrestricted cash on hand.

As previously announced, at quarter end, FIBRAMQ successfully raised new commitments of US$159 million in unsecured debt, including an US$84 million increase to its unsecured bank facility and the issuance of US$75 million unsecured, ten-year private placement notes. The drawn proceeds and surplus cash were used to repay secured debt, pay down the revolving credit facility and associated transaction costs. During the quarter, FIBRAMQ executed a US$258 million interest rate swap program so that 89.2% of its debt is now on a long-term fixed interest rate basis. These transactions, which complete its two-phase balance sheet repositioning, provide a number of benefits including a reduction in FIBRAMQ’s weighted average cost of debt to 4.9% per annum whilst extending the weighted average tenor of debt outstanding to 4.8 years. FIBRAMQ also enhanced its liquidity with the upsizing of its revolving credit facility to US$259 million of which US$161 million is currently undrawn. FIBRAMQ’s debt capital has been sourced through a diversified base of 13 counterparties, including increased commitments from existing lenders.

A table summarizing the balance sheet repositioning is shown below:

           

Metric

Pre-Refinance

June 30, 2016

September 30, 2016

Total Debt US$995m US$931m US$908m
Average cost of debt (p.a.) 5.1% 5.1% 4.9%
Debt tenor (weighted avg) 1.4 yrs 4.2 yrs 4.8 yrs
Total revolver N/A US$219m US$259m
Undrawn revolver N/A US$32m US$161m
Surplus cash utilized to repay debt Nil US$60m US$22m
Number of lenders 3 11 13
Secured debt (% total debt) 100.0% 29.8% 25.0%
CNBV regulatory debt to total asset ratio 40.2% 39.1% 38.5%
CNBV regulatory DSCR     1.6x     1.4x     1.1x
 

DISTRIBUTION

On October 27, 2016, FIBRAMQ declared a cash distribution for the quarter ended September 30, 2016, of Ps 0.4400 per certificate. The distribution is expected to be paid on November 10, 2016 to holders of record on November 9, 2016. FIBRAMQ’s certificates will commence trading ex-distribution on November 5, 2016. The distribution of Ps 0.4400 per certificate reflects an AFFO payout ratio of 82.1% for the third quarter and 86.5% for the first nine months of the year.

FIBRAMQ expects that its fourth quarter dividend will be consistent with those already paid or declared in respect of 2016. The payment of cash distributions is at all times subject to the approval of the board of directors of the Manager, the continued stable performance of the properties in the portfolio, and market conditions.

WEBCAST AND CONFERENCE CALL

FIBRAMQ will host an earnings conference call and webcast presentation on Friday, October 28, 2016 at 7:30 a.m. CT / 8:30 a.m. ET.

The conference call, which will also be audio webcast, can be accessed online at www.fibramacquarie.com or by dialing toll free +1 (877) 304 8957. Callers from outside the United States may dial +1 (973) 638 3235. Please ask for the FIBRA Macquarie Third Quarter 2016 Earnings Call.

An audio replay will be available by dialing +1-855-859-2056 or +1-404-537-3406 for callers outside the United States. The passcode for the replay is 93714822. A webcast archive of the conference call and a copy of FIBRAMQ’s financial information for the third quarter 2016 will also be available on FIBRAMQ’s website, http://www.fibramacquarie.com.

ADDITIONAL INFORMATION

For reconciliations of all non-GAAP reporting measures to IFRS results, detailed charts, tables and definitions, please refer to the Third Quarter 2016 Supplementary Information materials located at http://www.fibramacquarie.com/investors/bolsa-mexicana-de-valoresfilings.

All figures in this release are subject to rounding and stated in US Dollar or US Dollar-equivalent amounts, unless otherwise specified. Any arithmetic inconsistencies are due to rounding.

About FIBRA Macquarie

FIBRA Macquarie México (FIBRA Macquarie) (BMV: FIBRAMQ) is a real estate investment trust (fideicomiso de inversión en bienes raíces), or FIBRA, listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores) targeting industrial, retail and office real estate opportunities in Mexico, with a primary focus on stabilized income-producing properties. FIBRA Macquarie’s portfolio consists of 277 industrial properties and 17 retail/office properties, located in 24 cities across 19 Mexican states as of September 30, 2016. Nine of the retail/office properties are held through a 50/50 joint venture with Grupo Frisa. FIBRA Macquarie is managed by Macquarie México Real Estate Management, S.A. de C.V. which operates within the Macquarie Infrastructure and Real Assets division of Macquarie Group. For additional information about FIBRA Macquarie, please visit www.fibramacquarie.com.

Macquarie Infrastructure and Real Assets is a business within the Macquarie Asset Management division of Macquarie Group and a global alternative asset manager focused on real estate, infrastructure, agriculture and energy assets. Macquarie Infrastructure and Real Assets has significant expertise over the entire investment lifecycle, with capabilities in investment sourcing, investment management, investment realization and investor relations. Established in 1996, Macquarie Infrastructure and Real Assets had approximately US$105.1 billion of total assets under management as of June 30, 2016.

About Macquarie Group

Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Macquarie's main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. Founded in 1969, Macquarie operates in 28 countries. Macquarie employs approximately 14,000 people and had assets under management of $370.6 billion as of June 30, 2016. For more information, please visit www.macquarie.com.

Cautionary Note Regarding Forward-looking Statements

This release may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ significantly from these forward-looking statements and we undertake no obligation to update any forward-looking statements.

None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities.

THIS RELEASE IS NOT AN OFFER FOR SALE OF SECURITIES IN THE UNITED STATES, AND SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED.

THIS ANNOUNCEMENT IS NOT FOR RELEASE IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA.

   

FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES

             

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ASAT SEPTEMBER 30, 2016 (UNAUDITED) AND DECEMBER 31, 2015

CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED)

   

Sep 30, 2016

Dec 31, 2015

 $’000

 $’000

 
Current assets
Cash and cash equivalents 481,373 2,223,294
Restricted cash 10,238 9,033
Trade and other receivables, net 126,419 102,431
Value added tax receivable - 287,020
Other assets 76,481 96,422
Investment properties held for sale 300,918 -
Total current assets 995,429 2,718,200
 
Non-current assets
Restricted cash 37,748 162,099
Other assets 173,453 132,854
Equity-accounted investees 1,017,739 959,363
Goodwill 931,605 931,605
Investment properties 40,138,367 35,639,298
Total non-current assets     42,298,912     37,825,219
Total assets     43,294,341     40,543,419
 
Current liabilities
Trade and other payables 579,675 350,300
Interest-bearing liabilities - 937,621
Tenant deposits 20,545 18,925
Total current liabilities 600,220 1,306,846
 
Non-current liabilities
Tenant deposits 333,073 306,804
Interest-bearing liabilities 16,679,815 15,409,369
Derivative financial instruments 19,717 -
Total non-current liabilities     17,032,605     15,716,173
Total liabilities     17,632,825     17,023,019
             

Net assets

   

25,661,516

   

23,520,400

 
Equity
Contributed equity 18,369,994 18,369,994
Retained earnings     7,291,522     5,150,406

Total equity

25,661,516

23,520,400

 
 
FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES
         

CONDENSED UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVEINCOME FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015

CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED)

     
    3 months ended     9 months ended
Sept 30,2016     Sep 30,2015 Sep 30,2016     Sep 30,2015
$’000 $’000 $’000

$’000

 
Property related income 848,176 720,134 2,485,387 1,987,149
Property related expenses       (110,598)     (103,953)     (364,104)     (297,150)
Net property income       737,578     616,181     2,121,283     1,689,999
 
Management fees (44,988) (50,152) (135,574) (151,504)
Transaction related expenses (11,259) (2,224) (26,766) (11,077)
Professional, legal and other expenses       (11,296)     (9,439)     (35,526)     (28,572)
Total expenses       (67,543)     (61,815)     (197,866)     (191,153)
 
Finance costs (226,423) (202,141) (705,794) (569,306)
Financial income 5,261 18,227 31,847 93,186
Share of profits from equity-accounted investees 9,575 34,629 70,193 63,915
Foreign exchange loss (487,234) (1,268,084) (1,901,792) (2,008,780)

Net unrealized foreign exchange gain on foreigncurrency denominated investment property measuredat fair value

986,407 2,266,172 3,792,804 3,544,210

Unrealized revaluation gain on investment propertymeasured at fair value

24,082 406,407 38,794 406,407
Net unrealized loss on interest rate swaps (19,717) - (19,717) -
Income tax expense       (986)     -     (1,409)     -
Profit for the period       961,000     1,809,576     3,228,343     3,028,478
       
Other comprehensive income
Other comprehensive income for the period       -     -     -     -
Total comprehensive income for the period       961,000     1,809,576     3,228,343     3,028,478
 
Earnings per CBFI*
Basic earnings per CBFI (pesos) 1.18 2.23 3.98 3.73
Diluted earnings per CBFI (pesos)       1.18     2.23     3.98     3.73
*Real Estate Trust Certificates (Certificados Bursátiles Fiduciarios Inmobiliarios)
 
   

 

FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES

       

CONDENSED UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CHANGES INEQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015

CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED)

 
Contributed Retained
equity earnings Total
$’000 $’000 $’000
Total equity at January 1, 2015 18,376,480 2,476,442 20,852,922
Total comprehensive income for the period - 3,028,478 3,028,478
Total comprehensive income for the period - 3,028,478 3,028,478
 

Transactions with equity holders in theircapacity as equity holders:

- Cost directly attributable to follow-on equity placement (6,486) - (6,486)
- Distributions to CBFI holders - (889,694) (889,694)

Total transactions with equity holders in theircapacity as equity holders

(6,486) (889,694) (896,180)
                   
Total equity at September 30, 2015     18,369,994     4,615,226     22,985,220
 
Total equity at January 1, 2016 18,369,994 5,150,406 23,520,400
Total comprehensive income for the period - 3,228,343 3,228,343
Total comprehensive income for the period - 3,228,343 3,228,343
 
Transactions with equity holders in their capacity as equity holders:
- Distributions to CBFI holders - (1,087,227) (1,087,227)

Total transactions with equity holders in theircapacity as equity holders

- (1,087,227) (1,087,227)
                   
Total equity at September 30, 2016     18,369,994     7,291,522     25,661,516
 
 
FIBRA MACQUARIE MÉXICO AND ITS CONTROLLED ENTITIES
         

CONDENSED UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS FORTHE NINE MONTHS ENDED SEPTEMBER 30, 2016 AND 2015

CURRENCY AMOUNTS EXPRESSED IN THOUSANDS OF MEXICAN PESOS (UNLESS OTHERWISE STATED)

 
9 months ended

Sep 30, 2016

   

Sep 30, 2015

$’000

$’000

Inflows/(Outflows)

Inflows/(Outflows)

Operating activities:

Profit for the period 3,228,343 3,028,478
Adjustments for:

Net unrealized foreign exchange gain on foreign currency denominatedinvestment property measured at fair value

(3,792,804) (3,544,210)

Unrealized revaluation gain on investment property measured at fairvalue

(38,794) (406,407)
Straight line rental income adjustment (39,151) (46,748)
Tenant improvements amortization 14,111 9,111
Leasing expense amortization 27,365 21,466
Financial income (31,847) (93,186)
Provision for bad debt 25,811 29,736
Net foreign exchange loss 2,023,507 2,065,408
Finance costs recognized in profit for the period 705,794 569,306
Share of profits from equity-accounted investees (70,193) (63,915)
Income tax expense 1,409 -
Net unrealized loss on interest rate swaps 19,717 -
Movements in working capital:
Decrease in receivables 276,068 (61,488)
Increase/(decrease) in payables 221,625 74,000
Net cash flows from operating activities 2,570,961 1,581,551
Investing activities:
Investment property - asset acquisitions (447,945) (3,088,746)
Maintenance capital expenditure and other capitalized costs (466,311) (222,733)
Distributions received from equity-accounted investees 11,817 26,140
Net cash flows used in investing activities (902,439) (3,285,339)
Financing activities:
Financial income 31,847 93,186
Repayment of interest-bearing liabilities (16,121,464) -
Interest paid (619,024) (541,463)
Proceeds from interest-bearing liabilities, net of facility charges 14,383,994 -
Capital raising costs (follow-on equity placement) - (33,639)
Distributions to CBFI holders (1,087,227) (889,694)
Net cash flows used in financing activities (3,411,874) (1,371,610)
Net decrease in cash and cash equivalents (1,743,352) (3,075,398)
Cash, cash equivalents at the beginning of the period 2,394,426 5,603,834
Foreign exchange gain on cash and cash equivalents   (121,715)     (56,628)
Cash and cash equivalents at the end of the period*   529,359     2,471,808
*Included in the cash and cash equivalent balance at the end of the period is restricted cash of $47.9 million (September 30, 2015: $155.7 million).

Investor Relations:
FIBRA Macquarie México
+52 (55) 9178 7751
[email protected]
or
ICR
Evelyn Infurna, +1 203-682-8265
[email protected]
or
Nikki Sacks, +1 203-682-8263
[email protected]
or
For Press Queries:
FleishmanHillard México
Alejandro Sampedro Llorens
+52 55 5540 6031 ext. 249
[email protected]

Source: FIBRA Macquarie México



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