It’s an asset class that inspired little
confidence when it was first launched. But Mexican
infrastructure and real estate trusts (Fideicomiso de Bienes
Raíces, or Fibras) smashed early expectations, having
turned out instead to be high-returning investment vehicles.
Best Corporates: First mover
Mexican real estate trusts were once met with a lukewarm reception, but a number of successful deals by the first and largest have changed that
Fibra Uno, the first and largest, is widely regarded as the
star of the asset class. It has hit the equity markets multiple
times to raise fresh funds to grow its portfolio of industrial,
corporate and office properties.
Its two follow-ons were impressively bid. Its second, in
January, was the first such Mexican transaction ever to use a
hot-issue over-allotment option, meaning it chose to increase
the size of the deal by 20% in light of the heavy demand.
Part of its success is down to...
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