Holland & Knight Advises Fibra NEXT on MXN$7.3 Billion Follow-On Offering
MEXICO CITY (November 24, 2025) – Holland & Knight advised Fibra NEXT in connection with its MXN$7.3 billion (equivalent to approximately US$375 million) follow-on offering of real estate trust certificates, also known as CBFIs (Certificados Bursátiles Fiduciarios Inmobiliarios). The offering closed on November 24 to the public in Mexico on the Mexican Stock Exchange (Bolsa Mexicana de Valores) and internationally pursuant to Rule 144A and Regulation S.
The offering follows Fibra NEXT's successful MXN$8 billion (approximately US$431 million) initial public offering (IPO) in July. The combined approximately US$805 million IPO and follow-on offering represents the largest equity issuance in Mexico in almost a decade and one of the largest IPOs in Latin America.
Fibra NEXT is a real estate investment trust (fideicomiso de inversion en bienes raices), a Mexican REIT. It was created as a result of a spinoff by Fibra UNO, the largest real estate company in Latin America, of its industrial and logistics operations, forming the largest industrial, warehouse and logistics company in Mexico. The proceeds received by Fibra NEXT will be used primarily for the acquisition and development of an industrial real estate portfolio by its subsidiary, NEXT Properties.
Holland & Knight is also representing Fibra NEXT's subsidiary NEXT Properties, as issuer, in connection with ongoing concurrent exchange offers of up to approximately US$2 billion in aggregate principal amount of new NEXT Properties bonds in exchange for six series of outstanding international bonds previously issued by Fibra UNO. The aggregate US$2 billion exchange offers, conducted pursuant to Rule 144A and Regulation S, are expected to be the largest combined international corporate bond issuance in Latin America this year.
With respect to the successful international follow-on equity offering, BBVA, BTG Pactual, Citigroup Global Markets Inc., J.P. Morgan Securities and Morgan Stanley & Co. acted as global coordinators, and Barclays Capital Inc., BofA Securities Inc., Goldman Sachs & Co. and Santander US Capital Markets LLC acted as joint bookrunners. For the Mexican offering, Activer Casa de Bolsa acted as local lead coordinator and Casa de Bolsa BBVA as global lead coordinator. The underwriters were BTG Pactual Casa de Bolsa, Casa de Bolsa Banorte, Casa de Bolsa Santander, J.P. Morgan Casa de Bolsa, Morgan Stanley Casa de Bolsa, Scotia Inverlat Casa de Bolsa and Punto Casa de Bolsa.
Holland & Knight's representation of Fibra NEXT was led by Partners Guillermo Uribe Lara and Stephen Double, with assistance from Partner Adrián Gay Lasa and Associates Carlos Guijarro and Jorge González in Mexico, as well as Associates Juan Mata and Ivan Serralde Loyzaga and International Law Clerks Luciano Zanutto and Franco de Gasperi in the U.S. They were supported by U.S. Tax partners Alan Schwartz and Robert J. Friedman.
Holland & Knight has been an important counselor to Mexico's FIBRA market since the inception of the first Mexican FIBRA in 2011.