Agrofibra, the first agricultural real estate trust, acquires properties from Gear and Rube for 20 million dollars

Agrofibra, the Investment Trust in Real estate (Fiber) focused on the food industry and in the development of the mexican countrysidefinalized the acquisition of assets, furniture and estate from the food companies Gear and Rube.

According to a statement, the transaction took place in December 2022 for a total value of $20 million.

Both food companies received as payment a mixture of cash and Real Estate Trust Stock Certificates (CBFIs) issued by Agrofibra, after being advised by the law firm Pérez Correa González (PCG).

Through this operation, the Trust was able to expand its portfolio with properties that complement its objective of generating value through the acquisition of opportunities of real estate investment in it food industrycentralized in locations with potential for added value and profitability in the country.

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For their part, Gear and Rube are companies specialized in the production, packaging and distribution of tomatoes for export to the US market.

Agricultural real estate market

According to data from AgrofibreMexico presents a wide extension of arable land of 50% of the national territory, compared to the world average (36.4%).

In order to take advantage of and exploit this market, the company made its debut on the Institutional Stock Exchange (BIVA) with an Initial Public Offering (IPO) on December 9, 2022.

The operation raised about 50 million dollars as of December 20, that is, 16% of the total (300 million dollars) that the company expected to obtain for the start of its operations. However, the Trust started with its expansion plans and property acquisition.

Prior to its launch, Agrofibra reported that the resources obtained would be used for the real estate purchase to make up its initial portfolio, which would be made up of 15 third-party assets, including greenhouses, orchards, and high-tech agro-industrial buildings.

The gross rentable area of ​​these properties It is approximately 17.6 million square meters, located in nine states of Mexico, mainly in the center, west, southeast, and north of the national territory.