MEXICO CITY—Pramerica Real Estate Investors-sponsored Terrafina (BMV:TERRA13), has raised $665 million (MXP8.3 billion) in its initial public offering. Terrafina is a Mexican real estate investment trust known as a fideicomiso de bienes raíces, or Fibra. Pramerica is the real estate investment management and advisory business of Prudential Financial Inc.
Terrafina offered 295.7 million securities at 28 pesos per share, with the potential to sell an additional up to 44.4 million securities pursuant to a greenshoe option. Pramerica and Terrafina's internal management team will manage the Fibra, which holds the third largest industrial portfolio in Mexico. Citigroup, Goldman Sachs & Co. and HSBC served as joint bookrunners for the IPO.
“The dual management structure leverages Pramerica's real estate acquisition expertise and asset management capabilities while providing a corporate governance framework that absolutely aligns our interests with those of Terrafina's shareholders,” said Alfonso Munk, head of Pramerica-Latin America.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
