On Tuesday, the Mexican real estate investment trust Fibra Next in an attempt to profit from "nearshoring" is intending to raise $865 million.
According to a filing with the nation's primary stock exchange on Tuesday, the Mexican real estate investment trust Fibra Next intends to raise up to 15 billion pesos ($865 million) in its initial public offering in an attempt to profit from "nearshoring."
According to the document dated Tuesday, Fibra Next, which was spun off by parent trust Fibra Uno, intends to issue approximately 277.8 million Real Estate Trust Stock Certificates (CBFIs) in the offering, which is set for November 28.
According to media sources last month, Fibra Nearshoring Experts and Technology, or Fibra Next as it is officially known, had apparently originally been eyeing a valuation of $1.5 billion, pricing it as the largest local IPO since 2018.
Fibra Next said in a separate presentation to investors that the money raised would be utilized for property development and acquisition.
At the end of the third quarter, parent firm Fibra Uno, which holds a portfolio of over 600 properties, leads the Mexican real estate trust market.
As part of its nearshoring focus, Fibra Next will contain a portfolio of 196 properties, primarily logistics holdings from Fibro Uno, according to an October draft of the placement announcement.
In an effort to increase revenue and spur economic growth, Fibra Next is capitalizing on the real estate boom around nearshoring, which is the practice of putting manufacturing facilities in Mexico rather than Asia, closer to the American market.
