Mall Developer Preps Fibra

Mexican developer Grupo Acosta Verde is preparing a new shopping mall-focused real estate fund for Mexico’s Fibra market, according to regulatory documents. The fund, to be known as Fibra Sendero, will start with 10 operating malls spread throughout five Mexican states, and aims to acquire land to develop six more. The size and timing remain to be determined. Sendero’s malls are focused on the middle and lower-middle classes, also known as C and D classes. BBVA and JPMorgan are global coordinators on the sale, with UBS also on the international portion and Banorte-Ixe managing the local portion. Sendero joins a Fibra from commercial developer Grupo Danhos in the pipeline targeting a September-October IPO. The most recent FIbra to price in Mexico, Fibra Shop, was also focused on malls and raised $437m-equivalent in July. The deal came at the bottom of the price range and had traded down 3.1% from the offering price as of Wednesday’s close.