Industrial Developer Plans Follow-on

Mexico’s Corporacion Inmobiliaria Vesta is planning to return to the equity capital markets to raise funds for expansion, according to regulatory documents. Following Vesta’s $250m IPO last year, its CEO had indicated the industrial property specialist would be seeking about $200m more in a return visit. The exact size and timing of the follow-on are not yet available. The owner of 87 industrial properties located throughout Mexico plans to use 80% of the proceeds for organic expansion and 20% for M&A activity. Credit Suisse and Santander return as bookrunners. Vesta’s shares, at MXP25.49 ($2.04) Friday, had gained 34% since the IPO, priced at MXP19.00. The issuer joins a rapidly filling pipeline for the June-July issuance window, led by real estate-related plays. Fibra Hotel plans a follow-on and City Hoteles is holding an IPO. The largest deal in the period, though, may be a follow-on offering of CaixaBank’s shares in Inbursa.