FUNO Sets 2026 Integration of Industrial Assets With Fibra Next, Awaits Antitrust Nod

Overview

• FUNO plans to fold its industrial assets into Fibra Next through a co‑investment vehicle called Next Properties in 2026, pending approval from the Comisión Nacional Antimonopolios.
• Executives describe the antitrust decision as positive and imminent despite the consolidation exceeding standard legal limits.
• The plan includes transferring about 50% of FUNO’s debt to the new vehicle, estimated at roughly $2.8 billion, with execution timed to market conditions and targeted no later than the first half of 2026.
• Next Properties would scale Fibra Next to about 200 properties and more than 8 million square meters, bolstering its industrial footprint.
• FUNO reported Q3 2025 revenue of 7,525.3 million pesos (+5% y/y), NOI of 5,581.4 million pesos (+3.1% y/y), AFFO up 7.1%, and occupancy at 95% overall and 97.4% in industrial, and it prepaid short‑term debt via a 10,000 million‑peso syndicated loan, reducing near‑term market needs.