FUNO Maps 2026 Shift of Industrial Portfolio to Fibra Next, Eyes $2.8 Billion Debt Transfer

Overview

• FUNO outlined a plan to migrate its industrial assets to Fibra Next in 2026 via a co‑investment vehicle called Next Properties, subject to CNA clearance.
• The consolidation would expand Fibra Next to about 200 properties and more than 8 million square meters, with management arguing it unlocks better valuation for FUNO’s industrial portfolio.
• Management said roughly half of FUNO’s liabilities would move to Next, with the debt estimated near $2.8 billion, and the timing will depend on market conditions after approval.
• FUNO strengthened its maturity profile by prepaying short‑term borrowings using a 10,000 million peso syndicated loan from 11 banks, and it does not plan near‑term market issuance.
• Third‑quarter results showed AFFO rising 7.1% year over year despite a stronger peso, as executives emphasized plans to capitalize on nearshoring and the T‑MEC review.