Macquarie Eyes RE Retap

Macquarie’s Mexican real estate trust plans to return to the ECM, its CEO says, as it seeks funds to make additional acquisitions. “The plan is for this Fibra to be diversified, and have assets in office, industrial and retail. These sectors have a good potential for growth during the next 5-10 years,” Jaime Lara, CEO of the Macquarie fund, tells LatinFinance. Acquiring these properties will require a follow-on sale to replenish funds raised in December’s 14.95bn ($1.17bn) IPO, he explains, though the exact size and timing remain to be determined. The fund counts 244 properties, mostly in the industrial space, and is focusing on acquisitions in office and retail space. There is no specific target for the amount to be spent on acquisitions, though Lara notes they are looking at both large portfolio holders and individual property owners to approach. “There is currently a good amount of properties that are in private hands, by small-size and mid-size privately-controlled groups. At some point they will want to recycle capital to raise funds to continue growing,” Lara says of the retail space. The December transaction was LatAm’s largest-ever real estate IPO and drew 68% international participation. Along with Fibra Uno’s $1.7bn January follow-on – with 60% international participation – the deal showcases a new level of investor comfort that should allow the large funds to grow and the asset class to welcome new and more specialized entrants. Fibra Uno is also expected to bring a follow-on, what would be its fourth transaction, within the next 9-12 months.