Goldman Sachs reinstated coverage of Fibra Uno (FBASF) with a Buy rating and MXN 28 price target The firm sees shares trading at a 500bps spread to real rates, wider than those of its Mexican peers, while also equal to one standard deviation cheap relative to Fibra Uno’s 400bps historical average. Goldman further sees Fibra Uno’s rental growth rising from 1% in 2024 to 2% in 2025 in real terms driven by a resilient, needs-based focused retail portfolio anchored by Walmex, a Mexico City logistics industrial portfolio that continues to see robust demand, and an office portfolio that is improving in occupancy, outperforming peers and well off its post-COVID lows.
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