Mexico's Fibra Next raises $432 million in long-awaited IPO
By Noe Torres
MEXICO CITY, July 23 (Reuters) - Mexican real estate investment trust Fibra Next raised 8 billion pesos ($431.89 million) in its initial public offering (IPO), the firm's chief executive said on Wednesday.
The long-awaited listing comes after years of regulatory snags and amid an exodus of firms from Mexico's main stock exchange.
"We see a great opportunity in the industrial sector, especially in the logistics area," CEO Raul Gallegos told journalists.
Fibra Next was created with industrial assets from Fibra Uno FUNO11.MX, Mexico's largest real estate investment trust.
"We have a very clear growth strategy to achieve very good results in the very short term," Gallegos added.
The sale was in line with the firm's target last month of issuing 80 million Real Estate Trust Certificates (CBFIs) at an offering price of 100 pesos each.
REITs in Mexico, known as "fibras," operate similarly to U.S. REITs, offering returns from rental income and capital gains on property portfolios.
($1 = 18.5233 Mexican pesos)
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