Fibra Next (BMV: NEXT/25) is a Mexico-based real estate investment trust (FIBRA) specializing in the acquisition, development, ownership, leasing, and asset management of Class-A industrial and logistics real estate. Founded in 2023 and headquartered in Mexico City, Mexico, the trust operates as a specialized vehicle sponsored and consolidated by Fibra Uno (FUNO), Latin America's largest real estate investment trust. The trust's core portfolio and property solutions encompass modern Class-A logistics facilities; regional fulfillment and last-mile distribution centers; cross-docking and intermodal transport hubs; build-to-suit industrial warehouses; advanced light manufacturing and assembly facilities; master-planned single- and multi-tenant industrial parks; and specialized property management, facility maintenance, and tenant leasing services. Fibra Next focuses on prime industrial and logistics corridors across Mexico, maintaining extensive footprints in the Mexico City Metropolitan Area, the Bajío region, and strategic northern border trade hubs positioned for North American commerce. The trust primarily serves global third-party logistics (3PL) providers, multinational e-commerce operators, retail distribution networks, automotive manufacturers, aerospace suppliers, and export-oriented industrial enterprises capitalizing on nearshoring dynamics. In recent developments, Fibra Next completed its initial public offering on the Mexican Stock Exchange in July 2025, raising approximately 8.0 billion Mexican pesos, followed by a subsequent follow-on offering in November 2025 of approximately 7.3 billion Mexican pesos to fund strategic growth initiatives. Furthermore, the trust established the Next Properties joint venture vehicle alongside parent company Fibra Uno to consolidate industrial holdings and substantially enlarged its gross leasable area through acquisitions of premier property portfolios, including the Atlas, Saturno, and Triple Home Run industrial packages.