Fibra IPO Begins Taking Orders

Mexican developer Grupo Danhos is moving ahead with its Fibra real estate fund plans, targeting more MXP6bn ($460m) in an October 8 pricing. The developer plans to sell 200m shares at MXP26.00-MXP28.00 each, according to offering documents, meaning a MXP6.21bn sale at the midpoint if a 15% greenshoe is included. The transaction includes both Mexican and international tranches. The fund begins with four shopping centers, four office buildings and three mixed-use properties, all in Mexico City, and is raising money to expand them and to add to the portfolio. The developer is betting that Fibra Danhos’ combination of office and commercial properties focusing on “premier” tenants – its list includes OHL, Cinepolis, Liverpool, the IDB, Sanluis, Grupo Sura, Cisco and Alsea – will distinguish it enough from the existing Fibras to attract investors who might be getting satiated with the growing asset class. BBVA and Goldman Sachs are global coordinators on the transaction, with Evercore as structurer and domestic bookrunner and Banorte-Ixe and Inbursa as co-managers.