Mexican real estate investment trust Fibra Next said it plans to raise MXN15 billion ($863 million) in a sale of shares later this month, in what will country’s first initial public offering (IPO) in more than three years.

Fibra Next, which was recently founded by Fibra Uno to house its industrial real-estate assets, expects to issue 277.7 million CBFIs, which are securities that combine features of bonds and stocks, on November 30. The CBFIs will be simultaneously offered to investors in Mexico, the US and other international markets, according to a filing on Tuesday.

For the Mexican tranche, the firm aims to sell 111.1 million CBFIs via the BMV stock exchange, pricing the securities at MXN54 a piece to net it MXN5.99 billion. Meanwhile, it expects to raise an additional MXN8.99 billion with the sale of 166.6 million CBFIs in the international tranches.

Fibra Next, which is an abbreviation of Fibra Nearshoring Experts & Technology, will be lead by Raúl Gallegos as CEO, while Carlos Pantoja will serve as CFO, the company said.

Its assets will be carved out from Fibra Uno’s industrial portfolio and the firm will take on $2.7 billion of existing debt through an exchange, Fitch Ratings said in a report on Tuesday.

MAJOR PLAYER

The new operation is expected to have a “strong business position as one of the largest industrial players in Mexico, supported by a high-quality asset base and robust growth fundamentals,” Fitch said. “The company’s portfolio has high occupancy rates and a diversified tenant base, combined with high unencumbered assets of around USD8.3 billion” at the end of 2024, the report said.

BBVA, Bank of America Securities, BTG Pactual, Citi and JPMorgan will act as the global coordinators of the deal. Goldman Sachs, Morgan Stanley and Scotiabank will be international underwriters and Actinver, Banorte, HSBC and Santander will act as the local underwriters, Fibra Next said in the filing.

Fibra Uno — the largest and most diversified real estate company in Latin America, according to Fitch — said in September that Next will seek to tap demand from companies seeking real-estate for nearshoring activities.

The IPO will be Mexico’s first since Spanish energy firm Cox Energy raised MXN765 million on the BIVA exchange in July 2020. That followed Promecap’s IPO via a special purpose acquisition company, or SPAC, deal in March 2018 that brought in MXN5.58 billion.