Holland & Knight Advises Fibra Next on $1.2 Billion Public and Private Offerings, Including $431 Million IPO
MEXICO CITY (July 24, 2025) – Holland & Knight advised Fibra Next in connection with a transaction valued at US$1.2 billion (approximately MXN$22.6 billion) consisting of an initial public offering (IPO) of real estate trust certificates (CBFIs) totaling an amount of US$431 million (approximately MXN$8 billion) in Mexico. The transaction also included a corresponding placement of CBFIs to institutional buyers inside and outside the U.S. and the contribution of the nine initial assets to Fibra Next valued at US$779 million (approximately MXN$14.6 billion).
The transaction marks a milestone in the Mexican market, as the IPO represents the largest initial public offering on the Mexican Stock Exchange (Bolsa Mexicana de Valores) since 2018.
Fibra Next is a real estate investment trust (fideicomiso de inversion en bienes raices), a Mexican investment vehicle that bears many similarities to a U.S. REIT, focused and specialized in the industrial real estate market in Mexico, with nine assets currently comprising 8,111,629 square feet of total gross leasable area. Fibra Next seeks to take advantage of the growing demand for industrial and logistics space, driven by the global nearshoring trend that is boosting manufacturing in Mexico.
Actinver Casa de Bolsa acted as local lead coordinator, Banco Bilbao Vizcaya Argentaria (BBVA) acted as global lead coordinator, Merrill Lynch México, BTG Pactual Casa de Bolsa and Goldman Sachs México acted as global coordinators, and Casa de Bolsa Banorte and Casa de Bolsa Santander acted as bookrunners under the Mexican offering.
BofA Securities, BBVA, BTG Pactual and Goldman Sachs & Co. acted as global coordinators, and Citigroup, J.P. Morgan, Morgan Stanley and Scotiabank acted as joint bookrunners and global coordinators under the U.S. and international offering pursuant to Rule 144A/RegS.
Holland & Knight's representation of Fibra Next was led by Partners Guillermo Uribe Lara, Stephen Double and Adrian Gay Lasa, along with Associates Jorge Gonzalez, Carlos Guijarro Justo, Juan Mata, Jorge Ballen and International Law Clerks Lucia Viboud Aramendi and Luciano Zanutto. They were supported by U.S. Tax Partners Alan Schwartz and Robert J. Friedman and Associate Emily Nguyen.