Best Corporates: First mover

Jun 28, 2013

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

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.

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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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management