Macquarie Mexican REIT (MMREIT) has launched an internal property administration platform, MMREIT Property Administration (MPA).
The new platform, which was rolled out in January, is a full-service platform responsible for providing industrial property administration, leasing and accounting services. MPA is headquartered in Monterrey.
“We are pleased to announce the on-schedule roll out of MPA and property administration services for our industrial properties,” says Jaime Lara, chief executive officer of Macquarie Mexican REIT. “High-quality customer service is crucial to success in the real estate business and MPA has been designed with that in mind. MPA will provide our industrial customers with a central point of contact for all their property related needs.”
MPA has been staffed with a team of property administration professionals. The MPA staff has been tasked with working more closely with MMREIT customers to ensure their property related needs are met quickly and efficiently.
MMREIT expects to derive economies of scale as the percentage of its portfolio administered by MPA increases and as the size of the portfolio grows. MMREIT’s strategy includes growth through acquisition as demonstrated by the transactions closed on over the last six months.
MMREIT transitioned the administration of its industrial portfolio to MPA earlier than envisioned when the FIBRA was listed in December 2012.
“We had contemplated using third party administrators for up to two years,” says Lara. “However, we recognised the importance of moving to an internal platform early on, and advanced the development of MPA accordingly.”
MMREIT brought forward the expiry date of its transitional property administration agreement with GE Capital Real Estate Mexico to 31 December 2013, a year earlier than provided under the original agreement. MMREIT’s property administration agreement with Corporate Properties of the Americas also expired in December 2013 as originally scheduled.