Fibra Adds to Trust

Fibra Uno has agreed to acquire 220 properties from Santander Mexico for MXP3.33bn, it says. A 20-year sale-leaseback deal with Santander will see the Mexican real estate income trust earn MXP275m per year. It has also agreed to invest MXP100m in improvements to the portfolio. Fibra Uno raised MXP8.88bn ($699m) in a follow-on transaction earlier this year to raise funds for acquisitions. The deal comes at a time when Santander Mexico’s Spanish parent is looking to raise funds to help its balance sheet. An IPO of the unit this year in the planning stages, bankers say.