Fibra Uno Administration

What Fibra Uno Administration does

Fibra Uno Administration (FUNO), listed on the Bolsa Mexicana de Valores under ticker FUNO11, is Mexico's first and largest FIBRA (Fideicomiso de Inversión en Bienes Raíces, the local equivalent of a REIT), established in 2011 and headquartered in Santa Fe, Mexico City. The company owns and operates a diversified portfolio of 617 income-producing real estate properties spanning industrial, commercial (retail), office, and mixed-use segments, with more than 11 million square meters of gross leasable area distributed across 27 Mexican states and consolidated assets of approximately $25 billion. Portfolio occupancy stood at 95.7%, with the industrial segment near 98%, retail above 94%, and office around 83%.

The business model is a classic externally-managed REIT structure: Fibra Uno acquires, develops, and leases real estate assets, collecting rental income under a mix of triple-net leases (covering roughly 64% of the portfolio, where tenants bear operating costs) and gross leases. Revenue mechanics are driven by occupancy, rental rates, lease renewals, and acquisition cadence. Anchor tenant relationships with major Mexican and global retailers and entertainment operators (Cinépolis, Chedraui, Liverpool, Sears, Sanborns, Play City) provide diversified cash-flow streams. The company has historically raised capital through equity issuance on BMV and through debt instruments, including a $600M green bond in 2024 and an $800M sustainability-linked bond in 2025.

Recent strategic activity centers on portfolio restructuring and capital-markets execution: the carve-out and IPO of Fibra NEXT in 2025 (Mexico's largest IPO since 2018, raising approximately $431M) created a dedicated industrial REIT platform, while the internalization of the external advisory contract in Q4 2025 brought management functions in-house. The 2024 full acquisition of the Mítikah mixed-use development (CKD Helios) consolidated ownership of a flagship Mexico City asset. Market capitalization stood at approximately $6.42 billion as of May 2026, reflecting its position as the dominant publicly traded REIT in Mexico.

Name

Fibra Uno Administration

Legal name

Fibra Uno Administración SA de CV

Website

https://funo.mx

Company type

Public

Founded year

2011

Headcount range

101–250 employees

Short description

Fibra Uno (FUNO) is Mexico's largest REIT, owning and leasing 617 diversified industrial, retail, office, and mixed-use properties across 27 states, serving national anchor tenants including Cinépolis, Liverpool, and Chedraui.

Ownership category

akta.pro rank

Headquarters

HQ city

Santa Fe

HQ country

Mexico

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Others

Revenue model

1. Commercial Property Rental Income: Fibra Uno generates revenue primarily through leasing commercial properties including retail shopping centers, office buildings, and industrial warehouses to tenants across Mexico. The portfolio includes 141 commercial properties (2.9 million m²), 76 office properties (1.03 million m²), and 202 industrial properties (7.6 million m²). Occupancy rates average 95.7% overall, with industrial at ~98%, retail above 94%, and office at ~83%.
2. Property Development and Acquisition: Fibra Uno generates value through acquiring and developing new properties, including mixed-use projects. The company has grown from 17 properties in 2011 to 617 properties currently, with assets approaching $25 billion.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Fibra Uno is Mexico's first and largest Real Estate Investment Trust (FIBRA/REIT) that acquires, develops, leases, and manages a diversified portfolio of commercial, industrial, office, and mixed-use properties across 27 Mexican states. The company generates revenue primarily through long-term rental income from 617 properties spanning 11+ million square meters of leasable area.

Product overview

Fibra Uno (FUNO) operates as Mexico's first and largest FIBRA (Real Estate Investment Trust), managing a diversified real estate portfolio across four main segments: Commercial (141 shopping centers including Patio, Galerías, and Forum brands with 2.9M m²), Industrial (202 logistics/manufacturing properties with 7.6M m²), Office (76 premium buildings including Torre Mayor and Torre Diana with 1M m²), and Mixed-Use (including Mítikah, hotels, and hospitals). In 2025, the company carved out its industrial portfolio into Fibra NEXT as a separate publicly-traded REIT. FUNO generates value through property acquisition, development, and management, offering tenants triple-net lease arrangements. The company also provides corporate services including an ethics hotline, employee compensation plans, and sustainability consulting.

Differentiator

Problem solved

Functional benefit

Products and services

• Industrial Portfolio Industrial and logistics properties including warehouses, manufacturing facilities, and distribution centers for nearshoring-driven tenants across 15+ Mexican states. 202 properties with 7.6 million m² and ~98% occupancy.
• Commercial (Retail) Portfolio Commercial retail properties including shopping centers and malls across 27 Mexican states. 141 properties with 2.9 million m² of leasable area and occupancy above 94%. Includes major tenants such as Cinépolis, Chedraui, Liverpool, Sears, and Sanborns.
• Office Portfolio Office buildings including Class A properties in prime Mexico City locations. 76 properties with 1.03 million m² and ~83% occupancy. Includes premium buildings such as Torre Mayor, Torre Diana, Torre Cuarzo, Torre Caballito, and Torre Mexicana.
• Mixed-Use Portfolio Mixed-use developments including Torre M Mítikah, Malecón Cancún, Galerías Guadalajara, hotels (Hilton Vallarta Riviera), hospitals (Hospital Puerta de Hierro), and educational facilities, providing integrated real estate solutions.
• Fibra NEXT (Industrial REIT Subsidiary) Industrial real estate investment trust carved out from Fibra Uno in 2025, operating as a separate publicly traded entity focused on industrial/logistics properties in central Mexico.
• Triple Net Lease Model Property leasing model in which tenants cover operating costs, maintenance, and property taxes. 64% of FUNO's portfolio operates under this arrangement, aligning tenant efficiency with lease economics.
• FUNO CBFI Investment Vehicles Real Estate Trust Certificates (CBFIs) traded on the Mexican Stock Exchange under ticker FUNO, providing institutional and retail investors with tax-efficient exposure to Mexican real estate through monthly distributions.

Quantifiable outcome

• 30x increase in net operating income since 2011 listing on BMV
• +3 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Fibra NEXTcoreStrategic or Co-development Partner · 1 January 2025Fibra Uno carved out its industrial portfolio into Fibra NEXT in 2025, creating a joint venture (Next Properties) for industrial real estate development. Fibra NEXT conducted Mexico's largest IPO since 2018, raising approximately $431 million. FUNO maintains strategic relationship with Fibra NEXT as a major industrial real estate platform.

Scale indicators12 records

Recent moves9 records

Expansion highlights5 records

Regional players

• GICSA: Mexican shopping mall and mixed-use developer and operator with retail properties across major Mexican cities. Comparable on commercial/retail real estate model, mall operating experience in Mexico, and overlapping tenant pool, though GICSA is more developer-oriented than REIT-oriented.

Broad incumbents

• Realty Income (O): U.S. net-lease REIT globally recognized for long-duration tenant relationships and monthly distributions. Comparable to FUNO's triple-net lease model (64% of portfolio) and monthly CBFI distribution model, and serves as the anchor benchmark for yield-driven REIT investors evaluating FUNO.
• Brookfield Property Partners: Global real estate investment manager with significant Latin American exposure. Comparable at the high level on institutional real estate capital allocation, mixed-use development, and shopping center investment thesis; not a direct domestic competitor but a global peer for capital deployment.

Direct peers

• Fibra Prologis (FIBRAPL14): Mexico's leading industrial REIT, carved out of the same nearshoring trade that drove Fibra Uno's industrial book (since carved into Fibra NEXT). Directly comparable on industrial GLA, tenant overlap with logistics and manufacturing customers, and exposure to same 15+ Mexican states.
• Fibra Danhos (DANHOS13): Mexican REIT specializing in premier commercial/retail and Class A office properties in Mexico City. Comparable on segment mix, geographical concentration in premium urban assets, and target tenant quality within the same shopping center and office sub-segments as FUNO.
• Vesta (VESTA): Mexican industrial real estate developer and REIT (Vesta) focused on build-to-suit industrial and logistics facilities. Comparable on industrial real estate exposure to nearshoring demand, same core tenant industries (automotive, e-commerce, logistics), and same geographic footprint in Mexican manufacturing states.
• Fibra MTY (MTY14): Diversified Mexican REIT focused on industrial, retail, and office across northern Mexican states. Comparable on segment mix, geographic footprint in industrial-heavy regions, and inclusion alongside FUNO in the S&P Global Sustainability Yearbook 2026.
• Fibra NEXT: Carved out of Fibra Uno in 2025 to hold the industrial portfolio via IPO. Directly comparable as the industrial sibling of FUNO with overlapping state footprint, same nearshoring thesis, and joint-venture relationship through the Next Properties development platform.
• Fibra Macquarie (FIBRAMQ12): Mexican diversified industrial-anchored REIT managed by Macquarie. Comparable on portfolio strategy of industrial-led properties across Mexican manufacturing states, and overlapping investor base in Mexican REIT ETF and institutional flows alongside FUNO.

Others

• MexFund: Real estate fund founded 2007 by Gonzalo Robina and acquired by Fibra Uno at end of 2011. Now wholly-owned subsidiary of FUNO; relevant comparable for the legacy portfolio FUNO inherited and the institutionalization pathway from private real estate fund to public REIT.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/fibraunomx

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 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 Fibra Uno Administration