MEXICO CITY, Aug 27 (Reuters) - The Mexican Real Estate Investment Trust (REIT) of Australian investment bank Macquarie Group said on Wednesday it plans to issue up to 300 million new tradeable certificates, an outlay that could be worth some $600 million at current prices.
Fibra Macquarie said a meeting of its investors had agreed to the new issuance, which may be sold inside or outside Mexico or used to pay for transactions.
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 Mexico’s property market without owning buildings.
Fibra Macquarie’s certificates closed at 26.29 pesos on Wednesday, implying a possible total outlay on the new issuance of some $603 million at current prices.
1 US dollar = 13.077 Mexican pesos Reporting by Noe Torres; Editing by Kenneth Maxwell