FIBRA Prime: Leading the Transformation of Peru’s Real Estate Market with a Sustainable, Strategic Vision

FIBRA Prime is currently the first and largest FIBRA registered in Peru, a nation that is considered a rising emerging economy in Latin America.

Over the past decades, Peru has experienced sustained GDP growth, an expanding middle class, and increasing macroeconomic stability—making it an attractive destination for long term investment, according to Ignacio Mariátegui, CEO of FIBRA Prime.

The FIBRA structure is relatively new in the Peruvian securities market. Based on REITs in the United States and other international markets, FIBRAs were developed to provide access to real estate investments through a regulated, transparent, and publicly accessible vehicle.

Mariátegui spoke to REIT.com about the firm’s short-term goals, long-term strategy, and its role in shaping the evolution of Peru’s real estate investment market.

Can you describe FIBRA Prime’s evolution from inception to where the company is today?

At FIBRA Prime, we are proud to have been pioneers in the Peruvian market by launching the country’s first FIBRA, marking a key milestone in the evolution of the local rental real estate and capital markets. Our story began in 2018, when we identified a significant opportunity to create an investment vehicle for public access to the real estate market in Peru.

Following a process of structuring, regulatory compliance, and capital raising, we officially registered and launched FIBRA Prime at the end of 2018, becoming the first FIBRA authorized by the Peruvian securities regulator, the Superintendencia del Mercado de Valores (SMV).

Since our initial listing on the Lima Stock Exchange, FIBRA Prime has built a diversified portfolio of office, retail, and logistics assets. Over the years, even amid global crises, economic pressures, and a constantly shifting environment, we have demonstrated adaptability and strong execution through strategic management focused on optimizing asset operations, maximizing value, and structuring timely financing mechanisms. As a result, our portfolio is currently valued at nearly $200 million, has consistently generated stable dividends for our investors, reaffirming our position as a key player in the market, with a long-term vision and a sustainable focus.

Will office continue to be the main growth sector for FIBRA Prime or will there be more focus on other sectors going forward? 

Our current portfolio is composed of 62% office, 26% logistics, and 12% retail assets, reflecting our strategic decisions aligned with the real estate cycle and market opportunities identified over time.

Looking ahead, we aim to concentrate on multitenant properties as they enable active management and greater value creation, facilitating increased tenant turnover, improved services, and sustained asset appreciation.

Peru has vast biodiversity. How do you balance growing solid returns for your investors while preserving natural resources, committing to sustainability, and otherwise being a good shepherd of Peru’s ancient history, natural beauty, and resources?

At FIBRA Prime, we are firmly convinced that profitability and sustainability are complementary. Our business model aims to provide consistent returns to investors, while integrating sustainability as a strategic pillar into our operational and investment decisions, with a strong commitment to the environment and society.

In line with this approach, during the first quarter of the year we obtained the International Renewable Energy Certificate (I-REC) certification, validating the use of energy from 100% renewable sources in our operations. Additionally, we have initiated the EDGE (Excellence in Design for Greater Efficiencies) certification process for an initial group of 10 properties, with the goal of moving toward more stringent standards such as EDGE Advanced and EDGE Carbon Footprint in later phases.

In 2023, FIBRA Prime adjusted focus from office investments to the logistics and industrial sectors. What was the rationale for this decision?

In Peru, we are committed to fostering to long term investments, bolstered by the strength of our currency and the prudent monetary policy implemented by the Central Reserve Bank. This positions us advantageously compared to other countries in the region. Currently, several international players have expressed interest in developing logistical infrastructure around the Port of Chancay.

The globalization of trade and the establishment of a new commercial route enhance our favorable geopolitical position. As hosts, we are committed to providing clean and transparent information ensuring an optimal environment for all investments.

How do Peru’s economic conditions and geopolitical environment contribute to FIBRA Prime’s investment strategy in logistics infrastructure?

In the coming years, we see strong growth potential in multitenant assets, particularly in the logistics and office sectors. These types of properties respond to structural trends such as the rise of e-commerce, the need for more efficient distribution infrastructure, and the growing demand for flexible, functional, and well-located workspaces. For FIBRA Prime, multitenant assets represent a strategic platform to deploy active management focused on operational efficiency and revenue maximization.

Do you see more FIBRAs entering the Peruvian securities markets as real estate evolves as a viable alternative asset class in Peru?

As Peru’s market and the real estate sector strengthens as an alternative asset class, it’s likely that new FIBRAs will emerge. The success of FIBRA Prime demonstrates that its management model is effective despite certain regulatory and market challenges. The entry of new players could improve the ecosystem and provide more options for investors.

Today, with enhanced comprehension of the instrument and raising demand for stable and diversified investment alternatives, FIBRAs are becoming increasingly significant in the local market. The strengthening of the regulatory framework, coupled with a more sophisticated capital market and growing investor interest in real asset-backed instruments, fosters a conductive environment for the expansion of FIBRAs in Peru.