With an issuance of 600 million dollars, Fibra Soma debuted on the international stage
Real Estate Market & Lifestyle | July 20, 2021 |

Fibra SOMA, a real estate investment trust that recently debuted on the Mexican Stock Exchange on February 22, 2021, issued 600 million dollars in 10-year bonds in the international market.

The funds raised will be used to refinance the existing guaranteed debt and for corporate purposes in general. With this issue, SOMA diversifies and expands its investor base.

The placement registered an excess demand approximately 2 times, with more than 120 investors from more than 20 countries. Fund Administrators, Pension Funds, Hedge Funds, Private Banking and Insurance Companies from the United States, Asia and Latin America participated.

Of interest: Consolidation of Mexico as a provider of high technology

BBVA acted as Active Joint Bookrunner in the operation. "This transaction marks the first issue of Fibra SOMA in the international debt markets and allowed Fibra to present itself to different international fixed income investors for the first time," BBVA Mexico highlighted in a notice.

The papers were issued with maturity in 2031 and will pay a coupon rate of 4.3%, this is 312.5 basis points over the US Treasury bonds.

The issue was rated BBB- by Fitch Rating and Ba1 by Moody’s, still bordering on investment grade.

"The ratings reflect an expectation that Fibra SOMA will benefit from the normalization of the macroeconomic recovery and the business environment in Mexico during the second half and throughout 2022," Fitch wrote in an analysis.

Fibra SOMA is a real estate trust that owns a portfolio of shopping centers, offices and mixed-use buildings located in Mexico, including the ARTZ Pedregal, Plaza Satélite and Plaza Universidad shopping malls.

Consultation: Corporate sector in Monterrey and its brand in Latin America

The trust has a portfolio of 13 properties, of which 10 are already under operation. It consists of nine shopping centers and a mixed-use project, which includes offices and shops. These are located in the Metropolitan Area of Mexico City, as well as in the states of Puebla, Querétaro and Veracruz.

The remaining two correspond to mixed-use projects that are in different stages of development in Mexico City. Two properties will incorporate commerce and offices, while one will have a hotel and offices. Another one is in the planning stage, since it is a piece of land located in the city of León, Guanajuato.

Consult in Solili the Industrial Real Estate Report and Offices as of 2Q 2021

Original note

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