Macquarie Exits FIBRA Macquarie in $3.8 Billion Mexican REIT Handover

FIBRA Monterrey has taken control of a $3.8 billion Mexican real estate portfolio after acquiring approximately 98.12% of FIBRA Macquarie's outstanding trust certificates through a tender offer, Macquarie Asset Management said. The deal ends nearly 14 years of management by Macquarie and hands FIBRA Monterrey a platform of 263 properties across Mexico.

The portfolio held approximately $3.8 billion in assets under management as of September 30, 2026. Macquarie Asset Management had run the vehicle since its initial public offering in December 2012, expanding the portfolio and building property management capabilities through its vertically integrated MPA platform.

What did certificate holders earn?

The returns beat the market by a wide margin. According to Macquarie, FIBRA Macquarie delivered a total return to certificate holders approximately 3.2 times that of Mexico's benchmark S&P/BMV IPC index between its IPO and the tender offers. The vehicle also outperformed the S&P/BMV FIBRAS Index, which tracks listed Mexican real estate trusts.

Macquarie attributes the record to disciplined capital allocation, operational management, and investments in portfolio quality. The business generated investor returns through asset acquisitions, property operations, and portfolio management.

Sustainability became a second measure of performance. In the 2026 Global Real Estate Sustainability Benchmark assessment, FIBRA Macquarie posted its strongest results to date, ranking first within its peer group in both the Standing Investments and Development categories and earning recognition as a real estate sector leader.

Simon Hanna, Managing Director, Real Estate Mexico at Macquarie Asset Management, framed the exit as the close of a deliberate build. "The success of FIBRA Macquarie reflects more than the expansion of a high-quality portfolio. It reflects years of disciplined capital allocation, operational expertise delivered through the vertically integrated MPA property management platform we established, and a commitment to building a more resilient and sustainable platform," Hanna said. "Our goal has always been to create value for our certificate holders, and the long-term performance of FIBRA Macquarie reflects that commitment."

Is Macquarie leaving Mexico?

No. Macquarie Asset Management said it will maintain an established real estate investment presence in the country and will retain a dedicated Mexico real estate team supported by its broader global platform.

The firm sees continued opportunity in industrial property, particularly as manufacturers and logistics businesses re-evaluate their supply chains. Macquarie points to Mexico's proximity to the United States, its manufacturing base, and demand for industrial space tied to trade and transportation as factors supporting long-term investment in logistics facilities and other industrial assets.

Eric Wurtzebach, Head of Real Estate at Macquarie Asset Management, said the firm's conviction in the market is unchanged after more than a decade. "Mexico has been an important market for our Real Estate business for over a decade, and our conviction in its prospects is unchanged," Wurtzebach said. "Mexico's role in North American supply chains is structural, and we are positioned to help unlock the opportunities that infrastructure constraints currently limit. We look forward to the next chapter in Mexico."

How big is the platform behind the exit?

Macquarie Asset Management oversees approximately $497.6 billion in assets globally. Its real estate division manages approximately $18 billion and employs more than 45 investment specialists across seven locations. The firm invests across real estate, infrastructure, credit, and other alternatives.

For FIBRA Monterrey, the transaction delivers control of an established platform with a diversified property portfolio. For Macquarie, it closes a longstanding management relationship while freeing the firm to pursue industrial and logistics opportunities in Mexico through its remaining investment and advisory capabilities.