- Companies
- FIBRA Terrafina
FIBRA Terrafina Acquisition & Valuation
FIBRA Terrafina was acquired by FIBRA Prologis for $2.8B in August 2024, a 12.6x multiple on $221M of revenue.
FIBRA Terrafina revenue at acquisition
$221M
Last twelve months · Aug 2024
FIBRA Terrafina revenue multiple at acquisition
12.6x
EV/Revenue · Aug 2024
About FIBRA Terrafina
FIBRA Terrafina is a real estate investment trust that acquires, owns, and develops industrial properties throughout Mexico. The company’s properties consist of light manufacturing buildings as well as attractive distribution centers, optimally located. The properties that make up portfolio consist of 300 real estate properties, including 289 developed industrial properties and are located throughout 32 cities in 16 states.
Founded
2013
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$221M (Aug 2024)
Valuation
$2.8B (acquired Aug 2024)
Sectors
FIBRA Terrafina Acquisition
FIBRA Terrafina was acquired by FIBRA Prologis for $2.8B on 6 August 2024.
The acquisition price implies a 12.6x revenue multiple on $221M of revenue.
FIBRA Terrafina is a Mexican real estate investment trust owning and operating Class-A industrial properties focused on logistics and manufacturing facilities. FIBRA Prologis, a leading owner and operator of Class-A industrial real estate in Mexico sponsored by Prologis Inc., the global logistics real estate leader, launched a tender offer in 2024 to acquire up to 100% of Terrafina's CBFIs. On August 6, 2024, FIBRA Prologis secured control by acquiring 77.14% of outstanding Terrafina CBFIs through the tender, valued at approximately MXN 45.9 billion (USD 2.5 billion) including debt, reinforcing its dominance in Mexico's industrial market with a combined portfolio of high-quality assets. The deal structure allowed Terrafina holders to tender CBFIs for FIBRA Prologis CBFIs, with settlement terms outlined in the prospectus. Strategic rationale centers on leveraging FIBRA Prologis' operational expertise, scale, and global connectivity to drive value, amid nearshoring-driven demand boosting Mexico's industrial sector—Prologis Research notes Latin America rent growth at double the global average, with every USD 1 billion in Mexican auto factories generating 5-10 million square feet of logistics demand. As of June 30, 2024, FIBRA Prologis held 236 facilities totaling 46.9 million square feet across six markets; post-initial acquisition, it solidified nearly 100% occupancy and rental growth. In a follow-on tender expiring November 13, 2025, FIBRA Prologis received acceptances for an additional 9.81% of remaining CBFIs, reaching 99.82% ownership upon November 14, 2025 settlement. By September 30, 2025, the enlarged portfolio included 515 properties totaling 87.0 million square feet, with 348 logistics/manufacturing facilities at 65.7 million square feet GLA in core markets. Fitch Ratings placed Terrafina on Rating Watch Positive due to the acquisition's benefits.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 6 Aug 2024 | Strategic M&A | $2.8B | 12.6x |
Sources: latinfinance.com, latinfinance.com
FIBRA Terrafina Competitors
FIBRA Terrafina competitors include listed companies like Frasers Property, Redefine Properties, Green Brick Partners and Greenland Holdings, and private ones like European Outlet Mall Venture and Hive Box.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $2.7B | $968M | $2.8B | 8.0x | ||
| Publicly listed | $687M | $657M | $2.8B | 15.4x | ||
| Publicly listed | $2B | $443M | $2.8B | 1.6x | ||
| Publicly listed | $27B | ($2.7B) | $2.7B | - | ||
| Private | - | - | $3B | - | ||
| Private | - | - | $3B | - |
FIBRA Terrafina Public Comps
FIBRA Terrafina is no longer listed, but its public comps include Frasers Property, Redefine Properties, Green Brick Partners, Greenland Holdings, IWG, Catena, Shanghai Lingang Holdings, Fibra Danhos, Heijmans and Wallenstam.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.7B | $968M | 8.3x | 8.0x | 22.8x | 25.6x | |||
| $687M | $657M | 7.7x | 15.4x | 8.1x | - | |||
| $2B | $443M | 1.5x | 1.6x | 7.0x | 8.1x | |||
| $27B | ($2.7B) | 1.4x | - | (13.6x) | - | |||
| $3.8B | $487M | 2.7x | 2.6x | 20.9x | 17.2x | |||
| $270M | $267M | 18.8x | 16.2x | 19.1x | 19.4x | |||
| $1.2B | $531M | 8.4x | 8.6x | 18.8x | 19.7x | |||
| $406M | $330M | 6.8x | 6.3x | 8.3x | 9.4x | |||
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Common questions about FIBRA Terrafina
| When was FIBRA Terrafina founded? | FIBRA Terrafina was founded in 2013. |
| Where is FIBRA Terrafina headquartered? | FIBRA Terrafina is headquartered in Mexico City, Mexico. |
| Is FIBRA Terrafina publicly listed? | No, FIBRA Terrafina was acquired by FIBRA Prologis in August 2024. |
| Who acquired FIBRA Terrafina? | FIBRA Terrafina was acquired by FIBRA Prologis in August 2024. |
| How much was FIBRA Terrafina acquired for? | FIBRA Terrafina was acquired for $2.8B in August 2024, a 12.6x revenue multiple. |
| Which companies are comparable to FIBRA Terrafina? | Companies comparable to FIBRA Terrafina include Frasers Property, Redefine Properties, Green Brick Partners, Greenland Holdings, European Outlet Mall Venture and Hive Box. |
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