Mexican real estate group Fibra Next is planning an $865 million IPO to capitalize on nearshoring
MEXICO CITY, Nov 14 (Reuters) – Mexican real estate investment fund 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. Capitalize on nearshoring.
According to Tuesday’s document, Fibra Next, a spinoff of parent company Fibra Uno (FUNO11.MX), plans to issue approximately 277.8 million Real Estate Trust Stock Certificates (CBFIs) as part of the offering scheduled for November 28.
The shares, which will be issued on November 30, have a placement price of P54.00 each.
According to media reports last month, Fibra Nearshoring Experts and Technology, as Fibra Next is officially called, originally sought a valuation of $1.5 billion, pricing it in as the largest local IPO since 2018.
The funds raised will be used for the acquisition and development of real estate, Fibra Next explained in a separate presentation to investors.
Parent company Fibra Uno leads the Mexican real estate trust market with a portfolio of more than 600 properties at the end of the third quarter
According to a draft placement announcement dated October, Fibra Next will comprise a portfolio of 196 properties, largely comprising Fibro Uno logistics properties, as part of its nearshoring focus.
Fibra Next is capitalizing on the nearshoring real estate boom – the trend of locating production capacity in Mexico, closer to the US market, rather than in Asia – to boost profits and economic growth.
Another real estate fund, Vesta (VESTA.MX), debuted on the New York Stock Exchange earlier this year with a $400 million IPO.
Reporting by Noe Torres; writing by Adriana Barrera and Isabel Woodford; Edited by Michael Perry
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