MEXICO CITY, Oct 22 (Reuters) - Mexican real estate investment trust Fibra Inn will issue new tradable certificates worth some 4.1 billion pesos ($302.7 million) exclusively to existing holders, the company said on Wednesday.
Fibra Inn, which specializes in acquiring properties in the Mexican hotel industry, said in a statement that a meeting of its investors had agreed to issue 258,334,218 certificates at a discounted price of 15.85 pesos.
The investment trusts, known in Mexico as “fibras,” issue certificates that function much like shares on the local stock exchange, and allow investors to participate in the Mexican property market without owning buildings.
Fibra Inn’s certificates closed down by 0.46 percent at 17.42 pesos on Wednesday. (1 US dollar = 13.5450 Mexican peso) (Writing by Dave Graham; Editing by Leslie Adler)