This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

PREI® Combines Industrial Funds; Launches Publicly-traded Fibra In Mexico

Prudential Real Estate Investors-sponsored Terrafina (BMV: TERRA13), has raised MXP8.3 billion (US$665 million) in its initial public offering, PREI® announced today. Terrafina is a Mexican real estate investment trust known as a fideicomiso de bienes raíces, or Fibra. PREI is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE:PRU).

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. PREI 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 PREI’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 PREI-Latin America.

Terrafina’s initial portfolio comprises 146 properties acquired through the combination of two of PREI Latin-America’s closed-end funds, PLA Industrial Fund I and PLA Industrial Fund II. The properties include 132 developed industrial properties and 14 land reserve parcels. The properties are primarily located in Mexico’s central, Bajío and northern regions, spread throughout 25 cities in 16 states.

“Terrafina’s initial portfolio, with its scale, diversity and geographic reach, gives our investors stability and a substantial market share and positions them to take advantage of Mexico’s ongoing economic expansion,” said Alberto Chretin, CEO of Terrafina. “We are delighted that our investors will continue to benefit from PREI’s expertise, its industry relationships and ability to execute transactions.”

Terrafina’s investors include Mexican institutional and retail investors who acquired securities through the public offering, along with institutional investors around the world who invested through a private placement, and the original investors in the two closed-end funds.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs