Mexican infrastructure operator Pinfra has raised $623mn from the launch of the first Fibra-E infrastructure and energy trust in Mexico.
The transaction highlighted the broadening use of a financing vehicle known as Fibra that has become popular in Mexico to channel capital into real estate.
Last year, Mexico rolled out the framework for a new type of Fibra designed to attract investors to the country’s oil and gas industry and infrastructure projects in the country. The new securities are backed by energy and infrastructure assets.
The successful launch of the new equity instrument could pave the way for other Mexican engineering and construction companies to follow suit.
Pinfra’s new trust, called Fibra Via, sold 395m certificates for MXN30 each, backed by shares in the toll road concessionaire Pasca, a Pinfra subsidiary that operates one of Mexico’s busiest toll roads linking Mexico City with Toluca.
The 20km Autopista Mexico-Toluca had MXN379m in revenues in Q2 2016, up 2.7% on the same period last year. Pinfra’s concessions business recorded MXN1.4bn in revenues in Q2, a 7.7% increase on the same period of 2015, according to the company’s latest financial statement.
Pinfra holds the operating concession until 2049 and plans to use the money raised in the Fibra-E to cover working capital needs and to refinance debt.