FUNO Maps Industrial Push to 17 Million m², Files 10 Billion-Peso Raise for Fibra Next
Management detailed an equity–debt funding path backed by an active 10 billion‑peso CNBV filing to finance Fibra Next’s expansion.
Overview
- Under its base case, FUNO projects rentable area rising from 12.6 to 13.7 million m², leverage falling from about 38% to 33%, and operating cash flow doubling to 22,000 million pesos.
- In an aggressive scenario, the company plans to alternate annual equity and debt issuances to add roughly 5 million m² and reach about 17 million m².
- Executives said a near‑term move into data centers is on hold due to high power requirements and technical specifications, despite interest from potential tenants.
- Fibra Next debuted with a consolidated industrial portfolio and has traded with little price movement since July, with a buy‑and‑hold design aimed at Afores and expectations for higher liquidity with future capital raises.
- FUNO reaffirmed it will internalize its advisor in January 2026, targeting about 1,869 million pesos in annual savings and a path to reduce LTV to roughly 33% by 2028.