US Firm to Try Fibra Market

Prologis has added its name to the Mexican equity pipeline, and is planning to sell shares in a Mexican Fibra real estate fund focused on manufacturing and logistics properties, according to regulatory documents. The Prologis Property Mexico fund plans to sell shares in a fund initially holding 177 properties in several Mexican cities. The size and exact timing remain to be determined, though an initial filing this week sets up a pricing by December if the issuer finds conditions acceptable. Banamex, Banorte-Ixe, Actinver and Credit Suisse have been hired to manage. US-based Prologis manages property in 21 countries. The most recent Fibra, Danhos, raised MXP5.98bn ($454m) earlier this month, though its pricing at the bottom of the range has kept in place concerns of Fibra oversupply. Danhos has traded down 0.1% since its pricing. Other Fibras have also fallen, with Fibra Uno and Fibra Macquarie, two of the largest, down 2.1% and 6.6%, respectively, this year.