Holland & Knight Advises Fibra UNO and NEXT Properties on Sustainability-Linked Revolving Credit Facilities
NEW YORK and MEXICO CITY (May 21, 2026) – Holland & Knight advised Fibra UNO, Mexico's largest real estate investment trust, and NEXT Properties as borrowers in connection with two separate unsecured sustainability-linked revolving credit facilities totaling MXN$11.5 billion (approximately US$664.7 million) and US$1 billion (approximately MXN$17.3 billion).
Fibra UNO's financing consisted of an unsecured five-year sustainability-linked revolving credit facility with commitments of MXN$11.5 billion and US$300 million (approximately MXN$5.2 billion), structured in two separate tranches. BBVA México served as administrative agent and global coordinator, and BBVA México and Scotiabank Inverlat served as sustainability agents. The lender group that participated in the transaction includes BBVA México, Santander México, Scotiabank Inverlat, Banco Mercantil del Norte, Banco Monex, Banco del Bajio and Banco Ve por Mas for the portion of the transaction in Mexican pesos, and JPMorgan Chase Bank N.A., Barclays Bank PLC, Bank of America N.A., HSBC México, Goldman Sachs Bank USA, Banco Monex and BNP Paribas for the portion of the transaction in U.S. dollars.
NEXT Properties' financing consisted of an unsecured five-year sustainability-linked revolving credit facility with a commitment of US$700 million (approximately MXN$12.1 billion). BBVA México served as administrative agent and global coordinator, and BBVA México and Scotiabank Inverlat served as sustainability agents. The lender group that participated in the transaction includes BBVA México, The Bank of Nova Scotia, Scotiabank Inverlat, Bank of America N.A., Banco Citi México, BNP Paribas, JPMorgan Chase Bank N.A., Goldman Sachs Bank USA, Banco Ve por Más and HSBC México.
Both facilities mature in 2031, and proceeds are available for general corporate purposes. Both unsecured revolving credit facilities incorporate a sustainability-linked pricing grid that reduces the borrowing spread if certain benchmarks are achieved each year. The syndicated facilities comply with the Loan Syndications and Trading Association's (LSTA) Sustainability Linked Loan Principles.
Holland & Knight's representation of Fibra UNO and NEXT Properties as to New York law was led by Partner Stephen Double and Associates Maria De Bedout and Ivan Serralde. Partners Guillermo Uribe Lara and Adrian Gay and Associates Jorge Gonzalez and Carlos Guijarro advised on the Mexican law aspects of the deals.