Fibra Aims for December Window

Mexican developer Grupo Acosta Verde is targeting a November-December pricing for the IPO of its shopping mall-focused real estate fund for Mexico’s Fibra market, according to people following the sale. The fund, to be known as Fibra Sendero, would launch in early November to hit the next window, after filing ahead of the previous September-October window but opting not to launch. The fund will start with 10 operating malls spread throughout five Mexican states, and aims to acquire land to develop six more. The size and exact 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. The once-popular Fibra asset class has had it rough lately, with many trading down. Fibra Danhos, the most recent to IPO, priced at the bottom of the range and closed at MXP24.06 Thursday, versus the MXP26.00 IPO price.