The Initial Public Offering (IPO) of Agrofibra, which would be the first investment trust in real estate in the Mexican agri-food sector, is still in suspense.
The Fibra seeks to raise capital for between 5,250 and up to 6,037 million pesos, the latter amount considering the exercise of the over-allotment option.
Agrofibra’s IPO, which was postponed, was expected to come out last March, be placed on the Institutional Stock Exchange (Biva), it will also be listed on the international market, a portion in the United States, as well as on other exchanges, shows information from the station.
The resources that it raises with its IPO will be used to finance the acquisition of 15 properties in the agri-food sector, mainly greenhouses with export products such as tomatoes, cucumbers, avocado, among others. In total they comprise a profitable area of 17.3 million square meters.
To continue with its expansion, it has another 24 agri-food properties in the prospect of purchase, with an estimated value of 760.8 million dollars.
Agrofibra highlights the value of a fiber of this type in Mexico, since it represents one more arm for the agri-food and real estate sector.
The foregoing because “the value of the production of the agri-food sector (agriculture and animal protein) in Mexico is 1.3 billion pesos, of which approximately 29% is financed by both commercial and development banks.”
Agrofibra will develop and complement financial structures aimed at the growth of the agri-food sector, with a preferential export vocation in national agricultural and livestock activities.
“The growing international demand allowed Mexico to position itself as one of the largest agricultural producers and exporters in the world. The geographical location and logistical connectivity with the United States allowed the country to position itself as the main exporter of vegetables,” the firm stated in a document.