Fibra Educa invests $4.7 billion pesos in real estate in Aguascalientes

Fibra Educa, a real estate trust specializing in the acquisition and management of educational buildings, announced that it acquired a property in the capital of the state of Aguascalientes for 4,689.5 billion pesos (234 million dollars).

The property has a gross rentable area of 67,167 square meters and the lease of the property, of which it did not provide further details, began this Thursday and will be valid for 15 years, which can be extended for another identical period, Fibra Educa said in a statement. The net operating income of this property is estimated at 89.47%, while the capitalization rate is at 10.49%.

“With this purchase, Fibra Educa continues with the process of expanding its operations, thus fulfilling the commitments made to the holders of the issuer’s real estate trust certificates,” it said.

The acquisition was made with the resources of the simple loan that the fiber contracted and signed on March 31 for five thousand 785 million pesos (291 million dollars). The credit is for a term of two years, whose financial cost will be equivalent to the 28-day interbank equilibrium interest rate (TIIE) plus an initial applicable margin of 260 basis points.

Fibra Educa said that prior to the acquisition it obtained the authorization of the Federal Economic Competition Commission.

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Fibra Educa has 24 campuses located in 14 different states in Mexico. The new property, of which it did not provide details, is the second in the city of Aguascalientes, where it leases another property to the Quick Learning language school.