Macquarie Adjusts Fibra Timing

Macquarie’s Mexican real estate operation is scheduled to price a Fibra IPO December 13, according to sources familiar with the sale. The deal targeting more than $1bn had tentatively been scheduled for today. The transaction would raise MXP16.13bn ($1.2bn) if the 598m shares, including a 15% greenshoe, price at the midpoint of a MXP25.00-MXP29.00 range. The deal is aiming for 60% to be sold in an international tranche. Macquarie is planning to put real estate assets into a fund to be capitalized through the REIT-like transaction, and use proceeds to acquire additional properties. The 245 properties in 21 cities in 15 states are to come from CPA Corporate Properties and GE Capital, and are mostly manufacturing-related. Macquarie plans to buy and hold 5% of the Fibra certificates. Bank of America Merrill Lynch, BBVA, BTG Pactual, JPMorgan, Macquarie and Morgan Stanley are managing the transaction, to be the largest in a series of recent deals being done or prepared in the asset class. Concentradora Fibra Hotelera raised $318m-equivalent last week.