Mexican REIT May Land in February

Mexico’s Grupo E could come to market with the country’s first REIT as soon as February, according to a banker away from the trade. The REIT, known as a Fibra locally, is expected to be sized around $500m equivalent, the banker says. Regulators approved the asset class for sale in Mexico’s equity market in 2010. The vehicle, known as Fibra Uno, consists of 12 industrial, commercial, office, and mixed use properties located throughout Mexico and totaling 484,000 square meters. Grupo E consists of 60-70 owners, led by the El-Mann and Attie families. Proceeds from the sale will be used to fund the acquisition of 5 additional commercial and mixed-use properties totaling 189,000 square meters. In accordance with Mexican regulations, the trust will distribute 95% of its income quarterly. Santander and Protego are managing the sale.