Prudential Set for Fibra IPO

Prudential Real Estate Investors is scheduled to price today the IPO of its Mexican real estate trust, known as Terrafina. The deal is expected to raise more than MXP10.2bn ($820m), selling 340m primary shares at MXP28.00-MXP32.00 each, according to regulatory documents. The total includes an overallotment option. 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. The IPO of IEnova (Sempra Mexico) is scheduled for Thursday.