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“Near” and Dear to Industrial Growth with Governance Excellence; Initiating Coverage with an OWRating

We are initiating coverage of Fibra Monterrey with an Overweight rating and a Dec-25 price target of Ps15.0, reflecting 22%potential upside including its attractive 8% dividend yield. As the nearshoring trend potentially accelerates, Fibra Monterreystands to benefit from increased manufacturing tenant exposure, positioning it as a prime investment to capitalize on this themethrough rent increases. Additionally, the company has significant growth potential through acquisitions, backed by its $600million in available capital (aiming for a 35% LTV, excluding further office sales). This is supported by disciplined capitalallocation, with historical acquisitions at an average cap rate of 8.3% compared to a 7.0% WACC. Despite trading at a P/NAV of1.0x, slightly above its pure industrial peers' average of 0.8x, Fibra Monterrey offers an attractive EV/EBITDA of 13x versus itspure industrial peers' average of 15x. Furthermore, the company's high dividend yield of 8% makes it a compelling choice in alower interest rate environment compared to most peers. Our price target implies a 2025 EV/EBITDA and P/FFO multiples of14.3x and 13.6x, respectively, which are 10-20% below those projected for FibraPL and Vesta.