H&K represents AgroFibra in first public offering on Mexican Stock Exchange
Holland & Knigt has represented AgroFibra in its debut on the Mexican Stock Exchange, raising nearly $977 million pesos (about $50 million USD) through real state certificates (“Certificados Bursátiles Inmobiliarios” or “CBFIs”) priced at $40 pesos each.
This transaction, which took place on 9 December, marks the end of a long period of minimal initial public offering (IPO) activity in Mexico’s capital markets operations.
AgroFibra is the 18th FIBRA (Mexican real estate investment trust) to be listed on the Mexican Stock Exchange and its success can be attributed to the high demand for exports through the United States-Mexico-Canada Agreement (USMCA).
It is also the first FIBRA established to acquire, sell, lease and build properties in the agribusiness sector in Mexico. The company will initially have six properties in its portfolio and is set to acquire 14 more to increase its Gross Leasable Area (GLA). These initial and subsequent properties are located in the Mexican states of San Luis Potosi, Morelos, Colima, Guanajuato, Jalisco, Queretaro and Sonora.
Credit Suisse, Finamex, Citibanamex, BTG Pactual and Actinver managed AgroFibra’s IPO as underwriters.
This IPO marks the seventh time the H&K team has advised on the debut of a FIBRA in the Mexican market.
H&K’s team consisted of partners Adrian Gay Lasa (pictured left) and Guillermo Uribe (pictured right), and associate Jorge Gonzalez.
