Fibra-Turned-CCD Set to Close

Mexico’s Construtora Planigrupo is set to close a MXP2.75bn ($199m) certificado de capital de desarrollo (CCD) transaction, according to regulatory documents. The 2021 transaction created a fund to acquire and develop new commercial centers throughout Mexico. As is customary in CCD transactions, the certificates price at a nominal value of MXP100 each. About 60% of the funds raised are for developing centers, with the remainder to be used in acquiring new ones. Investors are to receive a return equal to 100% of their initial investment plus a 10% preferred return, with further proceeds divided 80% to investors and 20% to the manager. The transaction had originally been intended for the Fibra, or REIT, market, but was moved to the CCD space on a technicality, without altering it significantly. Ixe managed the deal, with Goldman Sachs as structuring agent. US real estate-focused private equity investor Walton Street is co-investing $28m, according to the documents. Planigrupo’s is the second CCD of the year, following a MXP5bn raise by Mexico Retail Properties, a unit of US-based private equity manager Black Creek, for a fund targeting commercial and service-related real estate assets.