Fideicomiso Irrevocable No. F/3277 en Banco Invex, S. A. Institución de Banca Múltiple, INVEX Grupo
Context: How Bolsa Mexicana de Valores works, and what it makes issuers disclose · Mexico on the LatAm Power Map
Mexico’s only listed trust dedicated entirely to school and university buildings collects rent from one family-linked education group, keeps nearly every peso of that rent as profit — and has never missed a quarterly payment, even through a two-year pandemic shutdown.
| Key Facts — Fibra Educa (EDUCA18) | |
|---|---|
| Full name | Fideicomiso Irrevocable No. F/3277 en Banco Invex, S.A., INVEX Grupo Financiero (“Fibra Educa”) |
| Ticker / Exchange | EDUCA18 · Bolsa Mexicana de Valores (BMV) |
| Headquarters | Av. San Jerónimo 458, Jardines del Pedregal, Mexico City |
| Sector | Real Estate · REIT – Specialty (educational infrastructure) |
| Employees | 38 |
| Market value | MXN 66.2bn (~US$3.82bn) (our calculation) |
| Yearly sales (revenue, FY2025) | MXN 4.63bn (~US$267m) (our calculation) |
| Net profit (FY2025) | MXN 5.08bn (~US$293m) — includes property revaluation gains (our calculation) |
| Net margin | 121.9% — above 100% because rising property values flow through as accounting income; the cash earnings rate is more modest (see below) |
| Return on equity | 15.8% — for every 100 pesos owners have invested, the trust earns about 16 pesos a year |
| Price-to-earnings (P/E) | 12.4× — investors pay 12.4 pesos for each peso of reported annual profit |
| Dividend yield | 4.8% — the quarterly cash distributions add up to roughly 4.8% of the share price per year |
| Website | fibraeduca.com |
What it is
Fibra Educa is a Mexican real estate investment trust (a “Fibra”) dedicated to buying, owning, and leasing properties used as educational spaces. The portfolio covers universities, schools, and educational training centres.
It listed on the Bolsa Mexicana de Valores on 27 June 2018 with a public offering of MXN 9.43bn (~US$545m at today’s rate), seeding the trust with 52 properties across 17 Mexican states. Today the portfolio has grown to 72 properties — 590,405 square metres of leasable space, 100% occupied, leased to six tenants affiliated with Grupo Nacer Global under 30 contracts.
The lease contracts run 15 years and are renewable for a further 15 — giving the trust an unusually long, predictable income stream. The trust manages itself through its own subsidiary, Fibra Educa Management, S.C., with no external manager charging fees — an arrangement that aligns management incentives directly with those of investors.
Who owns it
Fibra Educa was constituted by Grupo Nagoin, S.A. de C.V. as the founding party (fideicomitente), with Banco INVEX acting as trustee.
The “Fideicomiso Nacer” — a trust vehicle linked to the Nacer family — is the principal holder of investment certificates (CBFIs); the trust is managed through its subsidiary Fibra Educa Management, S.C., in which it holds 99.99% of the capital.
The precise free-float percentage is not disclosed in available regulatory filings; structured data show institutional investors hold about 1.6% of certificates, indicating the Nacer-linked trust retains the dominant economic interest. The broader Nacer Global group spans education, finance, media, infrastructure, and technology in Mexico, and is the source of virtually all acquisition opportunities for the Fibra.
Who runs it
Raúl Martínez Solares Piña is CEO of Fibra Educa. Jorge Nacer Gobera — founding patriarch of the Nacer Global group — serves as president of the technical committee, the governing body that sets strategy and approves acquisitions.
A named CFO is not disclosed in available public filings.
The technical committee is 42.86% women, which Fibra Educa highlights as adherence to best global governance practices. As a Mexican REIT, the trust must distribute at least 90% of taxable income to certificate-holders to maintain its tax-exempt status.
The money, in plain words
Revenue grew 13.9% from MXN 4.06bn (US$234 mn) in 2024 to MXN 4.63bn (~US$267m) in 2025 (our calculation). The reported net profit of MXN 5.08bn (~US$293m) exceeds revenue because rising property values are counted as income under Mexican accounting rules — a real but non-cash gain; the cash profit is lower.
The trust’s return on equity is 15.8%, meaning it generates about 16 pesos of profit for every 100 pesos of net assets — solid for a property vehicle. On the balance sheet, MXN 1.69bn (~US$97.6m) sits in cash; set against this are sustainability-linked bonds of roughly MXN 7.7bn (~US$445m), leaving net debt of about MXN 6.0bn (~US$347m) (our calculation) — modest relative to total assets of MXN 43.0bn (~US$2.48bn).
Investors pay 12.4 times annual earnings (price-to-earnings of 12.4×) and collect about 4.8 cents of distributions for every peso invested (dividend yield of 4.78%), paid quarterly. Distributions have hit record highs in every quarter since early 2024.
What it is doing now
In the first quarter of 2025, rental income rose 7.7% year-on-year to MXN 1.06bn (~US$61m), while operating profit climbed 8.2% to MXN 901m (~US$52m). The trust has also placed a MXN 350m (US$20 mn) deposit — a commitment to purchase — on a new property tranche from related-party sellers, subject to regulatory conditions.
On the environmental side, the trust commissioned solar-panel systems at multiple campuses in early 2025, including the University of Ecatepec and UNIDEP Tijuana. One campus, the Universidad Potosina facility, earned an EDGE Advanced green-building certification — an internationally recognised standard for energy and water efficiency.
What to watch
- Tenant concentration. All 72 properties are leased exclusively to six tenants linked to Grupo Nacer Global. Any financial stress inside that group flows directly to Fibra Educa’s income.
- Pending acquisition. A MXN 350m (US$20 mn) deposit has been placed on a new property portfolio from related sellers; the deal depends on regulatory approvals being met.
- Related-party risk. The founding family controls the tenants, the management company, and the largest block of investment certificates — a structure that concentrates power and requires vigilant governance.
- Currency and rates. Fibra Educa’s bonds are denominated in pesos; a shift in Mexican interest rates changes its refinancing cost and the relative appeal of its 4.8% distribution yield to fixed-income alternatives.
Sources
- Fibra Educa — official website (investor relations, news)
- Fibra Educa — Investor Relations page
- Fibra Educa Day 2025 microsite (IPO anniversary, executive panel)
- BMV regulatory filing — Fibra Educa Q1 2025 report (Fideicomiso F/3277)
- BMV regulatory filing — Fibra Educa FY2024 results and relevant events
- BMV press release — Fibra Educa IPO, 27 June 2018
- Nareit REIT Directory — Fibra Educa profile
- HR Ratings — Fibra Educa initial rating report 2023 (trust structure, Nacer Global relationship)
- Market data: EODHD.
This is news, not investment advice.
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