Terrafina

Name

Terrafina

Legal name

TF Administradora, S. de R.L. de C.V.

Website

https://terrafina.mx

Company type

Private

Founded year

2013

Operating status

Acquired

Headcount range

1–10 employees

Ownership category

akta.pro rank

Headquarters

HQ city

Mexico City

HQ country

Mexico

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Industrial Property Leasing: Terrafina generates revenue through leasing industrial properties (warehouses, distribution centers, light manufacturing facilities) to tenants across Mexico. The company operates as a FIBRA, distributing at least 70% of taxable income to CBFI holders quarterly.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Terrafina is a Mexican industrial real estate investment trust (FIBRA) that acquires, develops, leases, and manages a portfolio of Class A industrial properties—including warehouses, distribution centers, and light manufacturing facilities—strategically located across Mexico's Northern, Bajio, and Central regions. The company issues CBFIs (Certificados Bursátiles Fiduciarios Inmobiliarios) to investors, distributing at least 70% of taxable income quarterly, while generating revenue primarily through long-term industrial property leases to manufacturing, logistics, and e-commerce tenants.

Product overview

Terrafina is a single-sector Mexican FIBRA (Fideicomiso de Inversión en Bienes Raíces) that operates as a unified industrial real estate platform. The company's product offering consists of three integrated components: (1) an industrial properties portfolio of 274 warehouse, distribution, and light manufacturing facilities spanning 38.8 million square feet across 32 cities in 16 Mexican states; (2) strategic land reserves totaling 5 properties plus 1.2 million square feet of adjacent expansion land; and (3) CBFIs (trust certificates) that provide investors access to the property portfolio with quarterly dividend distributions. The portfolio is externally advised by PGIM Real Estate (and more recently by Prologis Mexico following the FIBRA Prologis acquisition) and is managed internally by TF Administradora, S. de R.L. de C.V.

Differentiator

Problem solved

Functional benefit

Products and services

• Industrial Properties Portfolio A portfolio of 274 industrial warehouse, distribution, and light manufacturing properties totaling approximately 38.8 million square feet of gross leasable area, strategically located across 32 cities and 16 states in Mexico, leased to manufacturing, logistics, and e-commerce companies.
• Land Reserves Five territorial reserves plus approximately 1.2 million square feet of adjacent land available for future industrial development and tenant expansion, enabling flexible growth options for existing and prospective tenants.
• CBFIs (Certificados Bursátiles Fiduciarios Inmobiliarios) Trust real estate certificates (CBFIs) issued by Terrafina that represent ownership in the industrial real estate portfolio, traded on the Mexican Stock Exchange (BMV) under ticker TERRA13 and providing investors with quarterly dividend distributions. Following the 2026 delisting, remaining CBFIs are sold through a payment trust established by FIBRA Prologis.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• PGIM Real EstatecoreStrategic or Co-development PartnerPGIM Real Estate served as the external advisor to Terrafina, providing strategic advice, portfolio management, and access to the institutional real estate platform. The advisory agreement was terminated in November 2024 as part of the internalization process following FIBRA Prologis acquisition discussions.
• Kimco Realty CorporationminorStrategic or Co-development PartnerIn 2013, Terrafina acquired a portfolio of Mexican industrial properties from Kimco Realty Corp. and its joint venture partner American Industries for approximately $600 million. This acquisition significantly expanded Terrafina's portfolio and was approved by shareholders.
• American IndustriesminorStrategic or Co-development PartnerAmerican Industries was Kimco Realty's joint venture partner in the portfolio that Terrafina acquired in 2013 for approximately $600 million, marking a significant expansion of Terrafina's industrial real estate holdings in Mexico.
• PrologiscoreStrategic or Co-development PartnerPrologis is the parent company and external advisor platform. Following the acquisition of Terrafina by FIBRA Prologis (a Prologis-sponsored FIBRA), Terrafina is now fully consolidated under Prologis Mexico operations. Prologis manages approximately 50 million square feet of industrial real estate in Mexico's premier markets.

Scale indicators6 records

Recent moves8 records

Expansion highlights3 records

Broad incumbents

• EastGroup Properties: EastGroup is a US industrial REIT focused on Sun Belt distribution and light industrial properties. It is comparable as a publicly traded peer for valuation multiples and operational metrics in the small-bay industrial segment adjacent to Terrafina's larger logistics assets.
• Terreno Realty: Terreno Realty is a US industrial REIT that acquires, owns, and operates industrial real estate in six major coastal US markets. It is comparable to Terrafina for its pure-play industrial focus and similar portfolio operating model, providing valuation read-throughs.
• First Industrial Realty Trust: First Industrial is a US-listed industrial REIT focused on light industrial and logistics properties. While US-based, it is comparable as a benchmark for industrial REIT operating metrics, cap rates, and tenant concentration profiles in the broader industrial logistics sub-sector.
• Global Logistic Properties: GLP is a global logistics real estate platform operating large industrial portfolios across Asia, the Americas, and Europe. Comparable to Terrafina for its institutional industrial ownership model and global tenant relationships in logistics real estate.
• Prologis, Inc. Prologis is the global incumbent in industrial real estate, owning/operating over 1 billion sq ft worldwide and the ultimate parent of both FIBRA Prologis and (post-acquisition) Terrafina. It is comparable as the global benchmark for industrial REIT operations, capital structure, and growth.

Regional players

• Fibra Macquarie: Fibra Macquarie is a Mexican diversified REIT (predominantly retail-anchored industrial) that overlaps with Terrafina in the Mexican real estate investment trust universe and competes for institutional capital allocations, though with a different sector mix.
• Corpovael (formerly G. Acción): Corpovael is a Mexican diversified real estate developer co-founded by Héctor Ibarzabal (now Managing Director of Prologis Mexico/Terrafina's parent). It is comparable as a Mexican real estate operator sharing management lineage and competing for institutional investor capital in Mexico's listed property sector.

Direct peers

• Vesta: Vesta is a Mexican pure-play industrial REIT and Terrafina's most direct competitor, operating a similarly Class A-focused portfolio of distribution centers and light manufacturing facilities across Mexico's nearshoring corridors. Both compete for the same tenant base (logistics, e-commerce, automotive) and capital markets investor pool.
• FIBRA Prologis: FIBRA Prologis is the Prologis-sponsored Mexican industrial REIT that acquired Terrafina. It operated a directly overlapping industrial portfolio of ~50 million sq ft in Mexico's premier markets and was the closest competitor to Terrafina before becoming its parent.

Emerging players

• LATAM Logistics Properties: LATAM Logistics Properties is a private industrial real estate platform focused on Class A logistics assets in Mexico, Central America, and Colombia. It competes for the same nearshoring-driven tenant demand in overlapping Mexican markets, particularly as a development-focused emerging player.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/terrafinafibra
• LinkedInlinkedin.com/company/terrafina

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Terrafina