Building a real estate platform for Mexico's industrial transformation
Over 14 years, Macquarie built FIBRA Macquarie into a leading industrial and retail real estate platform in Mexico, supporting industrial growth
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| Sector | Infrastructure |
| Sub-sector | Real estate |
| Location | Mexico |
Opportunity
Driven by nearshoring, trade diversification and the reconfiguration of global supply chains, Mexico continues to position itself as one of the most attractive industrial real estate markets in Latin America.1
This shift has been supported by Mexico's trade links with the US and a competitive workforce, and by government initiatives to attract investment and strengthen domestic supply chains, including more recently the Plan Mexico strategy.2
As companies prioritised supply chain resilience and proximity to end markets, demand for industrial space outpaced available supply in many key markets through 2024, supporting historically low vacancy and strong rental growth, although new supply has since lifted vacancy in some markets.3
At the same time, occupier requirements have evolved towards institutional-grade logistics and advanced manufacturing facilities with reliable access to power, water and sustainable infrastructure.4 Together, these trends created an opportunity to build an institutional-quality industrial platform and provide local investors with access through a FIBRA, Mexico's listed real estate investment trust structure.
Approach
In 2012, Macquarie established FIBRA Macquarie through an initial public offering on the Mexican Stock Exchange – one of the early FIBRAs to list under Mexico's newly introduced REIT-equivalent structure.
The vehicle gave Macquarie access to the long-term public capital markets needed to build a scaled industrial and retail real estate platform.
Macquarie's strategy focused on institutionalising the platform's management while enhancing asset quality, operational performance and sustainability.
Central to this approach was building MPA, FIBRA Macquarie’s own vertically integrated property management subsidiary, providing direct oversight of leasing, property management, engineering, sustainability and tenant engagement across the portfolio. This enabled long-term customer relationships, operational efficiencies and disciplined growth in high-demand industrial markets.
As the market evolved, Macquarie embedded sustainable practices into the platform's growth strategy through green building development, rooftop solar photovoltaic systems and sustainability-linked financing.
Outcome
Over a 14-year management period, FIBRA Macquarie evolved from a newly listed trust into one of Mexico's leading industrial and retail real estate platforms, spanning 37 million square feet across 16 states.5
Alongside this growth, the platform has been committed to implementing sustainability practices since it began operations in 2012.
At the end of 2025, 44.3 per cent of gross leasable area was certified to recognised green building standards.6 The portfolio also achieved a GRESB score of 80/100 with Green Star recognition and outperformed its peer group average by 10 points.7 Through its rooftop solar programme, the platform installed more than 2 MW of capacity and has a pathway to increase that to 40 MW by 2030.8
Sustainability-linked financing also became an important pillar of the platform's strategy, with 67.1 per cent of FIBRA Macquarie's debt sustainability-linked and supported by a $US200 million lending relationship with the International Finance Corporation.6
In 2026, a binding agreement was reached with FIBRA Monterrey to internalise the management of FIBRA Macquarie.9
14-year
management period
37 million sq ft
industrial and retail portfolio
$US200 million
IFC sustainability-linked lending relationship
80/100
GRESB score with Green Star recognition
The growth of FIBRA Macquarie reflects more than the expansion of a high-quality portfolio. It reflects years of disciplined capital allocation, operational expertise and a commitment to building a more resilient and sustainable platform. We are proud of what has been achieved over the past 14 years and the strong foundation created for future growth.”
Simon Hanna
Managing Director
Macquarie Asset Management
1. ‘Nearshoring – Unveiling Latin America’s Potential’, JLL Research, August 2024.
2. ‘President Sheinbaum’s Mexico Plan: Can Mexico Still Drive a Nearshoring Boom?’, Covington & Burling LLP, January 2025.
3. ‘Industrial Real Estate: The Case For Mexico’, PGIM Real Estate, November 2024.
4. ‘Adapting to shifting trade policies: 5 predictions for industrial real estate’, JLL Research, January 2024.
5. As at 30 June 2026.
6. Includes certifications under LEED (US Green Building Council), EDGE (International Finance Corporation) and BOMA BEST (Building Owners and Managers Association of Canada).
7. Publicly recognised on the GRESB Real Estate Assessment Results website in 2025. GRESB assesses and benchmarks the ESG performance of real estate portfolios and assets.
8. ‘FIBRA Macquarie 2025 ESG Report’, FIBRA Macquarie Mexico, June 2026.
9. Formal completion remains subject to customary conditions. Expected to close in the second half of 2026.
