Prudential Sets Fibra Target

Prudential Real Estate Investors is aiming to raise $800m-rquivalent from the IPO of its Fibra Mexican real estate trust, with pricing scheduled for March 19. The fund, known as Terrafina, plans to sell 340m primary shares at MXP28.00-MXP32.00 each, according to regulatory documents, meaning a MXP10.2bn ($801m) deal at the midpoint. The total assumes a 15% greenshoe. The trust will initially contain 132 industrial properties throughout Mexico and 14 properties in development, coming from Prudential’s PLA Industrial I and PLA Industrial II funds. Proceeds would provide funds to repay debt and for working capital. Citi, Goldman Sachs and HSBC are managing.