FIBRA Macquarie Mexico closes on sale of non-core assets for $80.2M

|About: Macquarie Group, Ltd. (MCQEF)|By:, SA News Editor

FIBRA Macquarie Mexico sells 35 non-strategic industrial assets for $80.2M; two added industrial assets with aggregate value of $7.2M remain under contract for sale an expected to close later.

FIBRA Macquarie received $61M at closing and will get $11.2M in 18 months and $8M in 2 years after closing; initial proceeds will repay $40m outstanding balance on FIBRA Macquarie's revolver, with the rest held as unrestricted cash.

In total, FIBRA Macquarie has sold 44 non-strategic properties at an aggregate 2.2% premium to their book value and generated a total of $117.5M in proceeds.

Total capital available now about US$300M, including cash and undrawn credit facilities. Available capital is expected to be re-deployed in accretive investments, including property expansion and development, and certificate repurchases for cancellation.

FIBRA Macquarie is managed by Macquarie México Real Estate Management, which operates within the Macquarie Infrastructure and Real Assets division of Macquarie Group (OTCPK:MCQEF).

Source: Press Release

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