Mexico’s actual property belief Fibra Subsequent eyes $865 mln IPO to money in on nearshoring

MEXICO CITY, Nov 14 (Reuters) – Mexican actual property funding belief Fibra Subsequent plans to lift as much as 15 billion pesos ($865 million) in its preliminary public providing, in line with a submitting with the nation’s foremost inventory alternate on Tuesday, in a bid to capitalize on “nearshoring.”

Fibra Subsequent, spun off by guardian belief Fibra Uno (FUNO11.MX), plans to problem some 277.8 million Actual Property Belief Inventory Certificates (CBFIs) within the providing, scheduled for November 28, in line with the doc dated Tuesday.

The shares, which will probably be issued on November 30, may have a placement value of 54.00 pesos every.

Fibra Nearshoring Specialists and Know-how, as Fibra Subsequent is formally identified, had reportedly initially been concentrating on a valuation of $1.5 billion in line with media experiences final month, pricing it as the biggest native IPO since 2018.

The funds raised will probably be used for the acquisition and growth of properties, Fibra Subsequent said in a separate presentation to traders.

Father or mother firm Fibra Uno leads Mexico’s actual property belief market, holding a portfolio of greater than 600 properties on the finish of the third quarter

In response to an October draft of the position discover, Fibra Subsequent will embody a portfolio of 196 properties, largely made up of logistics properties from Fibro Uno, as a part of its nearshoring focus.

Fibra Subsequent is tapping in on the actual property buzz from nearshoring – the development of finding manufacturing capability in Mexico, nearer to the U.S. market, fairly than in Asia – to spice up earnings and financial development.

One other actual property belief, Vesta (VESTA.MX), debuted on New York Inventory Change earlier this 12 months with a $400 million preliminary public providing.

Reporting by Noe Torres; Writing by Adriana Barrera and Isabel Woodford; Modifying by Michael Perry

Our Requirements: The Thomson Reuters Belief Ideas.

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