Fibra Prologis, a Real Estate Investment Trust, is preparing an additional issue of Real Estate Financial Stock Certificates (CBFI) with which it hopes to raise 13,260 million pesos (mdp).

Through a notice sent to the Mexican Stock Exchange (BMV), the company indicated that the transaction will take place from September 14 to October 11, 2022.

The resources will be used to acquire properties during 2022 and the first quarter of 2023, for an approximate amount of 400 million dollars (mdd).

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Likewise, the company, led by Luis Gutiérrez, expects to pay off debt totaling $230 million and use part of the capital for general corporate purposes.

“Up to 255,000,000 additional CBFIs will be available at a subscription price of 52 Mexican pesos. They may be subscribed by those holders who are qualified and authorized”, reads the document.

It is worth mentioning that the Trust intends to subscribe certificates to maintain its current shareholding of 47.2 percent.

In addition to the issuance of certificates, this month Fibra Prologis announced that it has closed two promissory notes for a total amount of 100 million dollars at one year. One of them was with Scotiabank and another with BBVA Mexico.

The cost of the transaction was SOFOR plus a weighted average spread of 102.5 basis points, which represents 96.5 basis points less than its current cost on the credit line. Both promissory notes are for a period of 12 months, without tax withholding.

“We continue to work on strengthening our balance sheet. With these funds we are refinancing existing debt at a lower cost, while maintaining a neutral leverage level,” said Jorge Girault, Senior Vice President of Finance at Prologis Mexico.

Of interest: Ciudad Juárez is in the border market with the highest numbers of industrial construction

For their part, Actinver analysts affirmed that the operation will increase liquidity and keep the capital structure of the company healthy:

“We consider this to be positive news. It will allow it to continue capitalizing on the momentum of the industrial real estate sector in Mexico due to nearshoring and the growth of e-commerce.”

At the end of June 2022, Fibra Prologis' portfolio consisted of 227 properties for logistics and manufacturing located in six industrial markets in Mexico. The total gross leasable area is four million square meters.

In Solili you can consult industrial warehouses available in Ciudad Juárez, Tijuana and Monterrey

Original note