Reinstating Buy on FMTY following F. Macquarie transaction

研报英文原文证据摘录

Reinstating Buy on FMTY following F. Macquarie transaction

Equity Research

28 June 2026 | 8:54PM BRT

MEXICO INDUSTRIAL

Our Take: We reinstate our rating at Buy on Mexican industrial Fibra MTY with a Jorel Guilloty

+55(11)3372-3522 |

P$16 PT (+16% return) following the successful tender offer for ~80% of Fibra jorel.guilloty@gs.com

Goldman Sachs do Brasil CTVM S.A.

Macquarie shares completed in late May; we remain Not Rated on F. Macquarie. The

Igor Machadodeal results in FMTY now controlling the third-largest industrial portfolio in our +55(11)3372-0227 |

coverage at +5 mm sqm of industrial real estate space, with ~70% of the portfolio igor.machado@gs.comGoldman Sachs do Brasil CTVM S.A.

focused on manufacturing and 70% in the northern region of Mexico. Our model

does not assume any synergies from the acquisition and assumes FMTY will continue

paying management fees to Macquarie Asset Management (MAM). We see FFO per

share growth of 7% in 2028 (first full comparable year), above forecast Mexico/US

inflation of 3% and 2% respectively, driven by 5% top-line growth and margin

expansion. Given ongoing USMCA uncertainty, we think that the new FMTY provides

stable, growing cash flows given a 3.5% vacancy rate and mark to market of leases

which should drive real rent growth, that when combined with a 7% dividend yield

can potentially deliver +20% total return.

USMCA uncertainty likely to continue. While USMCA review is set to take place on

July 1, the current general expectation is that there will be no near-term resolution;

please see Update on USMCA section inside for more detail. We note that current

bilateral meetings set up between the US and Mexico go beyond the July 1 USMCA

review deadline. This can prolong uncertainty around outcomes, including rules of