DLA Piper represents investment banks in Ps.4.8bn Fibra Shop global offering

DLA Piper has represented the investment banks in the Ps.4.8bn ($379m) global offering of Real Estate Certificates (Certificados Bursátiles Fiduciarios Inmobiliarios) of Mexican real-estate investment trust (REIT) Fibra Shop completed on 29 July 2013.

The Real Estate Certificates are listed on the Mexico Stock Exchange and trade under the symbol ‘FSHOP13’. The deal included a public offering in Mexico and an international offering in the US under Rule 144A and other jurisdictions under Regulation S.

The investment banks involved included Actinver Casa de Bolsa, Merrill Lynch México and Casa de Bolsa Banorte — IXE as lead underwriters in the Mexican offering, and BTG Pactual and BofA Merrill Lynch as lead underwriters in the international offering. Actinver Casa de Bolsa also acted as structuring agent for the transaction.

Fibra Shop raised Ps.2.7bn ($219m) of net proceeds in the offering. If the Mexican underwriters’ overallotment option is exercised in full, net proceeds to the issuer will be Ps.3.4bn ($273m). The net proceeds will be used by Fibra Shop to finance future shopping centre acquisition and development opportunities as well as to pay the deferred purchase price for two of the properties in its initial portfolio.

In addition, certain selling holders sold Real Estate Certificates in the secondary portion of the offering for proceeds of Ps.1.7bn ($138m), none of which will be received by the issuer.

The DLA Piper team representing the investment banks in Fibra Shop’s global offering was led in Mexico City by Guillermo Uribe and included Adrián Gay, Mirna Ordaz and Santiago Soldevilla. The DLA Piper team representing the banks internationally was led by Christopher Paci in New York and Christine Lehr in Raleigh and included Gerald Rokoff, Frank Mugabi, Robert Mendez and Abigail Jeck.