MEXICO CITY, Jan. 11, 2012 /PRNewswire/ — Fibra Uno (BMV: FUNO11) (“Fibra Uno” or “The Trust”), Mexico‘s first real estate investment trust, announced today that it agreed, subject to conditions precedent to acquire as many as 23 properties from MexFund in exchange for real estate trust certificates (Certificados Bursatiles Fiduciarios Inmobiliarios – CBFIs).

The 23 properties in question have a total gross leasable area (GLA) of approximately 126,466 m2 and an average occupancy rate of 99%, as of September 30, 2011. Based on information provided by MexFund, the properties generated total rents of approximately Ps.122 million in 2011, and have a total of approximately 75 contracts with tenants in various sectors. Eighteen of the properties are retail properties, two are office properties, two are mixed-use properties, and one is an industrial property. The properties are located in seven Mexican states, as well as in Mexico City.

Fibra Uno agreed to issue up to 57,545,454, CBFIs to MexFund in exchange for the properties, subject to conditions precedent, assuming a capitalization rate of 10.5% on the Trust’s 2011 pro-forma net operating income (NOI).

“We are delighted to announce this agreement,” said Andre El-Mann, CEO of Fibra Uno. “These 23 high-quality properties will help us deliver value to our CBFI holders.”

Under the terms of the agreement, the deadline for the fulfillment of the conditions precedent is January 31, 2012, a period that may be extended to February 29, 2012, with the agreement of both parties. MexFund agrees to certain restrictions to the transfer of the CBFIs that it receives (lock-up).

Also under the terms of the agreement, Mr. Cosme Alberto Torrado will be nominated as a non-independent member of the Trust’s Technical Committee, and Mr. Ignacio Guerra will be nominated as replacement non-independent member of the same committee, both subject to confirmation. The Trust’s controlling shareholders will reserve the right to remove either or both members at their discretion, without giving reason.

MexFund will reserve the right to acquire back the properties in the event that i) Fibra Uno wishes to sell such properties and/ or ii) Fibra Uno extinguishes, as long as, in either case, MexFund pays the reversion value established by the Trust’s Technical Committee.

About Fibra Uno

Fibra Uno is a Mexican trust formed primarily to acquire, own, develop and operate a broad range of commercial real estate in Mexico, including industrial, retail, office, mixed-use and other properties. Our objective is to return value to the holders of our CBFIs through distribution of our net taxable income. We intend to selectively assemble a diversified portfolio of high-quality, well-located, income-producing commercial properties in Mexico. The Trust began trading on the Mexican stock exchange on March 18, 2011. Currently, it has 17 properties in central and southern Mexico, with an approximate GLA of 702,182 square meters. Long-term, Fibra Uno has a pipeline of properties which it plans to buy and lease as a source of recurring, reliable income. Fibra Uno is internally managed by F1 Management, S.C. and externally advised by Fibra Uno Administracion S.A. de C.V., a Mexican real estate operator with a management with more than 30 years of experience in the Mexican real estate market. Fibra Uno seeks to increase its portfolio, return income and create value for its investors and contribute to the development of Mexico‘s real estate sector.

SOURCE Fibra Uno