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FIBRASHOP ANNOUNCES THE REFINANCING OF ITS REVOLVING CREDIT LINE

Fibrashop Announces Sale Of a Property In Mexico City

FIBRASHOP ANNOUNCES THE REFINANCING OF ITS REVOLVING CREDIT LINE

 

MEXICO, CITY, MEXICO, June 21, 2019 - FibraShop (FSHOP) (BMV: FSHOP13), CIBanco S.A., Institución de Banca Múltiple, Fideicomiso Irrevocable Número F/00854, the first real estate investment trust specialized in shopping centers, hereby informs to the public that, as part of its refinancing plan, yesterday it signed a credit agreement with a revolving line for up to Ps. 3 billion, with a maturity date of three years, and with the possibility to extend it, at FibraShop’s option, for up to one additional year. The proceeds of the loan will be used to refinance the current revolving credit line of Ps 3.2 billion, as well as for corporate purposes, expenses and fees related to the refinancing.

With this, FibraShop continues delivering on the execution of the refinancing plan that was submitted to its CBFIs Holders Meeting on April 26, 2019.

 

ABOUT FIBRASHOP

FibraShop (BMV: FSHOP 13), is the only real estate option in Mexico offering a specialization in the shopping mall segment that has a long-track experienced management in the commercial sector, a solid operating and corporate governance structure, which guarantees transparency, efficiency and a profitable and secure growth vehicle.

FibraShop is an infrastructure and real estate trust formed to acquire, possess, administer and develop real estate in the shopping center segment in Mexico. The initial portfolio includes eight properties in four states of the Mexican Republic and one in Mexico City. FibraShop is administered by a group of experienced management specialized in the industry with a long track record and is externally advised by Fibra Shop Portafolios Inmobiliarios, S.A.P.I. de C.V.

FibraShop’s goal is to provide attractive returns to CBFIs holders, through stable cash distributions and capital appreciation.

 

FORWARD LOOKING STATEMENTS

This report may contain certain forward-looking statements. Said forward-looking statements are not based on historic events but on the current views of the administration. We caution that certain declaration or estimates imply risks and uncertainties that can changed due to different factors that are not under the Company’s control.

 

Fibrashop Announces Sale Of a Property In Mexico City

 

- Sold Property At An Approximate Cap Rate Of 7%

- 23% Above Acquistion Cost And 5% Over Appraisal Value

 

MEXICO, CITY, MEXICO, January 10, 2019 - FibraShop (FSHOP) (BMV: FSHOP13), FibraShop (FSHOP), CI Banco S.A. Institución de Banca Múltiple, Fideicomiso Irrevocable número F/00854, the first real estate investment trust specialized in shopping centers, yesterday closed the sale of Urban Center Condesa.

Located in Mexico City, Urban Center Condesa currently has a 100% occupancy rate. The sale price amounted to approximately 5% above the book value and 23% above the initial contribution price. The implicit CAP rate for this transaction was close to 7%. The purchaser, Series Retail Holdings, is a company focused on the acquisition and operation of properties in the metropolitan area of Mexico City. Series Retail Holdings is supported by an international private equity fund with more than USD$ 8 billion under management.

The transaction shows that the book value of the company’s assets is in line with current market prices. In the past few years, FibraShop has consolidated its portfolio through expanding properties, growing the occupancy rates, renewing contracts at prices above inflation, and generating additional revenues related to parking fees and advertising spaces, which, together with cost efficiency led to higher net operating income at our properties. As such, year over year, the appraisal value of our portfolio has also grown at rates above inflation (16% in 2017 and 7% in 2016).

The sale of Urban Center Condesa launches the corporate strategy to recycle assets that have achieved maximum potential value with a stabilization of 100% and a relevant compression CAP rate. All proceeds from the transaction will be invested in projects to generate greater returns and improve the company’s balance sheet.

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