FIBRA Prologis agreed on 25 February with Macquarie Asset Management to acquire the management rights of FIBRA Macquarie and to launch a share-exchange and cash tender offer for up to 100% of the Mexican real estate trust.
Why FIBRA Prologis is buying FIBRA Macquarie México
Prologis Latin America president Armando Fregoso said combining the portfolios would bring greater scale and long-term value for certificate holders. FIBRA Prologis pointed to nearshoring and domestic demand for modern logistics space in Mexico, and planned a lower asset management fee tier for the combined vehicle on assets above $10bn.
Deal terms and financing
The initial terms offered 0.525 FIBRA Prologis CBFIs or MXN40.00 in cash per FIBRA Macquarie CBFI, with cash capped at MXN7.97bn, or 25% of the certificates, a blended premium of about 20%. A Macquarie affiliate agreed to sell its own CBFIs at the offer price, and the transfer of management rights depended on FIBRA Prologis acquiring a majority of the certificates not held by Macquarie.
Regulatory approvals and timing
FIBRA Prologis obtained clearance from Mexico's antitrust commission in early March, according to its press releases, and launched the offer in the second quarter. FIBRA MTY and Fibra Next launched competing offers for the same certificates, El CEO reported in May. FIBRA Prologis said on 25 May 2026 that it would not extend its offer, describing its proposal as best and final; the offer expired that night.
Market context
FIBRA Macquarie owns a portfolio of industrial and retail properties across Mexico. FIBRA Prologis said it had set what it considered a fair value and argued that terminating the existing manager and integrating the portfolio would be substantial hurdles for rival bidders.
