FIBRA Macquarie México reported on Monday that it has strengthened its non-binding takeover offer for Terrafina , raising the exchange factor to 1.125x for each Terrafina certificate, with which holders would receive 1,125 FIBRA Macquarie certificates.
In addition, FIBRA Macquarie has announced a reduction in its management fee structure , which will reduce the fee by 25 basis points annually for market capitalizations greater than two billion dollars, maintaining 100 basis points for the first two billion.
Recently, Terrafina rejected a proposal from Fibra Uno (FUNO) to consolidate its real estate portfolios into a new industrial vehicle called “Nearshoring, Experts & Technology.”
FUNO’s offering, presented to the Mexican Stock Exchange on May 24, 2024, sought to integrate industrial sector portfolios, including the FUNO industrial portfolio, Júpiter portfolio and Terra portfolio, thus creating the largest industrial real estate vehicle in Mexico.
For his part, Simon Hanna, CEO of FIBRA Macquarie, expressed confidence that the combination with Terrafina would generate significant long-term value for all stakeholders.
“We remain confident that a combination of FIBRA Macquarie and Terrafina would create significant long-term value for all stakeholders, as we are able to better capitalize on favorable market opportunities, supported by production relocation trends to Mexican territory. (nearshoring),” Hanna said.
In that sense, among the benefits of the Macquaie FIBRA proposal, the following stand out:
- The increase in cash flow earnings for certificate holders.
- Unique revaluation potential for investors.
- An institutional vehicle without a control group, benefiting all investors.
- Improvement in the commercial liquidity profile of the combined entity.
- Value creation opportunities through FIBRA Macquarie’s operational capabilities.
With this synergy, FIBRA Macquarie seeks to achieve the necessary milestones for the transaction , such as convening a meeting of certificate holders and obtaining regulatory approvals.
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