MEXICO CITY (Reuters) – Mexican real estate investment trust Fibra Next plans to raise up to 15 billion pesos ($865 million) in its initial public offering, according to a filing with the country’s main stock exchange on Tuesday, in a bid to capitalize on “nearshoring.”
Fibra Next, spun off by parent trust Fibra Uno, plans to issue some 277.8 million Real Estate Trust Stock Certificates (CBFIs) in the offering, scheduled for November 28, according to the document dated Tuesday.
The shares, which will be issued on November 30, will have a placement price of 54.00 pesos each.
Fibra Nearshoring Experts and Technology, as Fibra Next is officially known, had reportedly initially been targeting a valuation of $1.5 billion according to media reports last month, pricing it as the largest local IPO since 2018.
The funds raised will be used for the acquisition and development of properties, Fibra Next stated in a separate presentation to investors.
Parent company Fibra Uno leads Mexico’s real estate trust market, holding a portfolio of more than 600 properties at the end of the third quarter
According to an October draft of the placement notice, Fibra Next will include a portfolio of 196 properties, largely made up of logistics properties from Fibro Uno, as part of its nearshoring focus.
Fibra Next is tapping in on the real estate buzz from nearshoring – the trend of locating manufacturing capacity in Mexico, closer to the U.S. market, rather than in Asia – to boost profits and economic growth.
Another real estate trust, Vesta, debuted on New York Stock Exchange earlier this year with a $400 million initial public offering.
(Reporting by Noe Torres; Writing by Adriana Barrera and Isabel Woodford; Editing by Michael Perry)
