Fibra Uno Targets $600m Retap

Mexico’s Fibra Uno is looking to raise more than MXP8bn ($615m) in a reopening of its domestic real estate income trust, known as a Fibra, and expects to price March 22, according to regulatory filings. The issuer has indicated it will sell 325m new shares, including a 48.75m overallotment, which would mean a MXP8.13bn deal at Tuesday’s MXP25.00 closing price. The sale would raise funds for Fibra Uno, the only Fibra launched since the creation of the asset class, to acquire new properties. The sale aims to raise substantially more than the MXP3.17bn IPO held last year. Santander and BBVA are global coordinators, with Credit Suisse also on an international 144a/RegS portion. Protego and Actinver are joining on a domestic portion. In January, Fibra Uno agreed with real estate investor MexFund to acquire up to 23 properties in exchange for shares in the Fibra, allowing the total portfolio to reach as many as 40 properties. Starting with 16 at the time of the IPO, Fibra Uno added a 17th last year, and counts on MXP3.6bn in revolvers to help fund acquisitions. Put together by a group of property owners led by CEO Andre El-Mann, the fund saw delays in getting the asset class’ debut off the ground in the IPO, with the issuer reducing the size and price and agreeing to put in its own equity. Its assets include industrial, commercial, office, and mixed-use properties located throughout Mexico.