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Las FIBRAS tienen sus antecedentes en los REITs inmobiliarios de Estados Unidos, iniciados en los años 60. El marco legal para su constitución en México como FIBRAS inició hace una década y su cotización en el mercado de valores nacional en 2011.
Desde luego este mercado apenas está en sus primeros pasos, “por lo que se requiere de más especialización y adecuarse a las exigencias de sus inquilinos”, asevera Alberto Chretín Castillo, Director General de TerraFina.
Existen cinco FIBRAS: Fibra UNO con propiedades de uso mixto; FibraHotel y Fibra INN del sector hotelero, y TerraFina y Macquaire en el ramo industrial. En su conjunto recaudaron 72,254 millones de pesos (mdp) entre 2011 y 2013, además de tener una capitalización de más de 109,355 mdp al cierre de la edición.
Se proyectan 10 nuevas FIBRAS especializadas; Fibra Shop y un despacho de arquitectos con centros comerciales; una con desarrollos premier de Grupo Danhos; dos más de hoteles AM Resorts y Acosta Verde, y una más por el sector industrial de Prologis. También estarían en planes Inmobiliaria Gigante, Controladora Comercial Mexicana y El Puerto de Liverpool, junto a algunas más que veremos a lo largo del año. Una más enfocada a Infraestructura promocionada por una importante constructora.
Al respecto, Gonzalo Robina, Director General Adjunto de FibraUNO, señala que un Fideicomiso de Infraestructura debería de ser diferente a las FIBRAS Inmobiliarias: “el flujo de una carretera no es igual a un inmueble que tiene rentas”, por lo que sugiere el nombre de “Fideicomisos de Promoción en Infraestructura”, ello con el ánimo de no confundir al público inversionista, apunta.
También existe un esquema llamado SIBRA (Sociedades de Infraestructura y Bienes Raíces), como la operada por Vesta, donde se emiten acciones a favor del inversionista y se constituye como una sociedad mercantil.
A continuación presentamos un panorama general del comportamiento de las FIBRAS desde su inicio y hasta el primer semestre de 2013.
| Fibra | Fibra Uno (FUNO) | Fibra Hotel (FHO) | Fibra Macquaire (FIBRAMQ) | Terrafina (TERRA)** | Fibra INN (FINN) | ||||
|---|---|---|---|---|---|---|---|---|---|
| Año de contribución | 2012 | 2013* | 2012 | 2013* | 2012 | 2013* | 2013* | 2013* | |
| Valor de Capitalización | 31,044 | 66,807 | 8,035 | 12,258 | N/A | 15,348 | 10,181 | 4,761 | |
| Oferta pública incial (mdp) | 3,615 | N/A | 4,137 | N/A | 14,716 | N/A | 9,521.00 | 4,460 | |
| Follow on (mdp) | 8,877 | 22,050 | N/A | 4,878 | N/A | N/A | N/A | N/A | |
| Número de CBFIs (millones) | 796 | 1,572 | 223.6 | 499.4 | 567 | 567 | 381,014 | 258 | |
| Máximo valor por año CBFIs (pesos) | 38.89 | 48.60 | 21.02 | 26.77 | N/A | 33.70 | 32.03 | 22.75 | |
| Mínimo valor por año CBFIs (pesos) | 26.52 | 36.05 | 18.8 | 19.00 | N/A | 24.99 | 24.88 | 18.50 | |
| Desempeño en el Mercado | 63.90% | 13.62% | N/A | N/A | 0.90% | 24.90% | 4.6% | 12.30% | |
| Total de propíedades | 17 | 377 | 22 | 55 | 244 | 244 | 233 | 14 | |
| Area Rentable m2 | Industrial | 286,137 | 1,770.806 | N/A | N/A | 2,500,000 | 2,500,000 | 2,861,414 | N/A |
| Retail | 158,363 | 1.081.197 | N/A | N/A | N/A | N/A | 5.27 | N/A | |
| Hoteles | N/A | 1,455 | N/A | 7,772 (cuartos) | N/A | N/A | N/A | N/A | |
| Oficinas | 14,032 | 275,190 | N/A | N/A | N/A | N/A | N/A | N/A | |
| Total | 459,482 | 3,128,648 | N/A | 7,772 (cuartos) | 2,500,000 | 2,500,000 | 2,861,414 | 2,423 (cuartos) | |
| Promedio mensual del ingreso rentable (USD) | Industrial | 4,23 | 4.29 | N/A | N/A | 4.58 | 4.58 | 5.27 | N/A |
| Retail | 22.74 | 23.08 | N/A | N/A | N/A | N/A | N/A | N/A | |
| Hoteles | N/A | N/A | N/A | 69 | N/A | N/A | N/A | N/A | |
| Oficinas | 25,12 | 25.5 | N/A | N/A | N/A | N/A | N/A | N/A | |
| Duración del contrato de renta por años | Industrial | 5 | 6 | N/A | N/A | 3.5 | 3.2 | 3.4 | N/A |
| Retail | 5 | 5 | N/A | N/A | N/A | N/A | N/A | N/A | |
| Oficinas | 4.6 | 4.8 | N/A | N/A | N/A | N/A | N/A | N/A | |
| Tasa de ocupación % | Industrial | 100% | 100% | N/A | N/A | 92.10% | 89.30% | 90.00% | N/A |
| Retail | 92% | 91% | N/A | N/A | N/A | N/A | N/A | N/A | |
| Oficinas | 95% | 94% | N/A | N/A | N/A | N/A | N/A | N/A | |
Texto Jorge L. Varela Y Jesús Garcia
English
FIBRAS at its moment
FIBRAS have their backgrounds from REITs in the United States, initiating in the 60’s. The legal parameter for its constitution in Mexico as FIRBAs begun one decade ago and its listing in the stock market started in 2011.
After all, the market is starting its first steps, “reason why it requires of more specialization and adaptation to the tenants expectations” said Chretín Castillo, General Director of TerraFina.
Five Fibras exist: Fibra UNO with properties of mixed uses; FibraHotel and Fibra INN in the hostelry sector; TerraFina and Macquaire in the industrial branch. In its ensemble 72,254 million pesos (mp) have been raised between 2011 and 2013, besides of having a capitalization of over 109,355 mp at the close of this edition.
It is expected 10 new specialized FIBRAs: Fibra Shop and an architect’s dispatch with shopping centers, premier developments with Grupo Danhos; two more in the hostelry sector AM Resorts and Acosta Verde and one more in the industrial branch of Prologis. Inmobiliaria Gigante is also in the plans, Controladora Comercial Mexicana and El Puerto de Liverpool, along with other we will be meeting in the course of the year. One which is more focused in Infrastrucure promoted by an important building company.
To this, Gonzalo Robina, Adjointed General Director of FibraUNO, points out that an Infrastructure Trust Fund must be different from Real Estate FIRBAs: “The flow of a highway is not the same as real estate’s that have leases” reason why he suggests the name of “Trust Funds of Promotion of Infrastructure” this with the idea of not confusing the investor public” he adds.
There is also an idea called SIBRA (Infrastructure of Real Estates and Societies) which is operated by Vesta, where actives as emitted in favor of the investor, and is constituted as a merchant society.
Coming up next, we will present the general panorama of the behavior of FIBRAs from 2011 to the first semester of 2013.
| Fibra | Fibra Uno (FUNO) | Fibra Hotel (FHO) | Fibra Macquaire (FIBRAMQ) | Terrafina (TERRA)** | Fibra INN (FINN) | ||||
|---|---|---|---|---|---|---|---|---|---|
| Contribution year | 2012 | 2013* | 2012 | 2013* | 2012 | 2013* | 2013* | 2013* | |
| Capitalization value | 31,044 | 66,807 | 8,035 | 12,258 | N/A | 15,348 | 10,181 | 4,761 | |
| Initial Public Offering (million pesos) | 3,615 | N/A | 4,137 | N/A | 14,716 | N/A | 9,521.00 | 4,460 | |
| Follow on (mdp) | 8,877 | 22,050 | N/A | 4,878 | N/A | N/A | N/A | N/A | |
| Number of CBFIs (millones) | 796 | 1,572 | 223.6 | 499.4 | 567 | 567 | 381,014 | 258 | |
| MAX value per year CBFIs (pesos) | 38.89 | 48.60 | 21.02 | 26.77 | N/A | 33.70 | 32.03 | 22.75 | |
| MIN value per year CBFIs (pesos) | 26.52 | 36.05 | 18.8 | 19.00 | N/A | 24.99 | 24.88 | 18.50 | |
| Market performance* | 63.90% | 13.62% | N/A | N/A | 0.90% | 24.90% | 4.6% | 12.30% | |
| Total de properties | 17 | 377 | 22 | 55 | 244 | 244 | 233 | 14 | |
| Rentable Aerea m2 | Industrial | 286,137 | 1,770.806 | N/A | N/A | 2,500,000 | 2,500,000 | 2,861,414 | N/A |
| Retail | 158,363 | 1.081.197 | N/A | N/A | N/A | N/A | 5.27 | N/A | |
| Hotels | N/A | 1,455 | N/A | 7,772 (rooms) | N/A | N/A | N/A | N/A | |
| Offices | 14,032 | 275,190 | N/A | N/A | N/A | N/A | N/A | N/A | |
| Totals | 459,482 | 3,128,648 | N/A | 7,772 (rooms) | 2,500,000 | 2,500,000 | 2,861,414 | 2,423 (rooms) | |
| Average monthly income leased per m2 (USD) | Industrial | 4,23 | 4.29 | N/A | N/A | 4.58 | 4.58 | 5.27 | N/A |
| Retail | 22.74 | 23.08 | N/A | N/A | N/A | N/A | N/A | N/A | |
| Hotels | N/A | N/A | N/A | 69 | N/A | N/A | N/A | N/A | |
| Ofiices | 25,12 | 25.5 | N/A | N/A | N/A | N/A | N/A | N/A | |
| Last of the leasing contract (years) | Industrial | 5 | 6 | N/A | N/A | 3.5 | 3.2 | 3.4 | N/A |
| Retail | 5 | 5 | N/A | N/A | N/A | N/A | N/A | N/A | |
| Offices | 4.6 | 4.8 | N/A | N/A | N/A | N/A | N/A | N/A | |
| Occupancy Rate % | Industrial | 100% | 100% | N/A | N/A | 92.10% | 89.30% | 90.00% | N/A |
| Retail | 92% | 91% | N/A | N/A | N/A | N/A | N/A | N/A | |
| Offices | 95% | 94% | N/A | N/A | N/A | N/A | N/A | N/A | |
Based on information from Fibra Uno, Fibra Hotel, Fibra Macquaire. Terrafina, Fibra INN and Evercore. | For 2013, the information provided goes from January the 1st to June 31st 2013 for information purposes, reason why this info may vary according to conditions and acquisitions from every FIBRA. | * Market performances are showed annually for 2012 and the first semester is taken as a reference for 2013. | Annualized dividend for three months of quoting at the Mexican Stock Market. | (1) Issue from March 2011. | ** TerraFina and Fibra INN started up operations during March 2013. |A Dividends made annually based on three months of listing in the Mexican Stock Echange. |* Price per night. |N/A = Not Applicable. |"N/A = Not Avialable.
Text Jorge L. Varela Y Jesús Garcia