Fibra Uno Reopens for $700m

Mexico’s Fibra Uno has priced a MXP8.88bn ($699m) reopening of its domestic real estate income trust, known as a Fibra. The fund sold 325m new shares at MXP23.75 each, for an MXP8.88bn size, assuming the exercise of a 15% greenshoe. The price represents a 3.1% discount to Wednesday’s MXP24.50 closing. The sale raises funds for Fibra Uno, the only Fibra launched since the creation of the asset class, to acquire new properties. The retap may be a good sign for the Fibra market, bankers say, as it raised substantially more than the MXP3.17bn IPO held last year. Santander and BBVA were global coordinators, with Credit Suisse also on an international 144a/RegS portion and Protego and Actinver on a domestic portion. In January, Fibra Uno – put together by a group of property owners led by CEO Andre El-Mann – 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. Its assets include industrial, commercial, office, and mixed-use properties located throughout Mexico.