5 de noviembre de 2014 / 20:19 / en 3 años

Mexico's first mortgage trust makes market debut

MEXICO CITY, Nov 5 (Reuters) - Mexico’s first real estate investment trust (REIT) backed by residential mortgages made its market debut on Wednesday after raising 8.6 billion Mexican pesos ($633 million) in a share offering, the country’s stock exchange said.

Fideicomiso Hipotecario (FHipo) issued 345 million certificates at 25 pesos per certificate. Local investors bought about 39 percent of the shares, while foreign players bought the rest, the Mexican stock exchange said in a statement.

The placement was less than an expected 10.8 billion pesos.

The trust plans to use the funds to help purchase its initial portfolio of 5,544 mortgage loans from around the nation that were originated by the government’s Federal Housing Fund, or Infonavit.

REITs have become a popular financial instrument in Latin America’s second-biggest economy, known in Mexico as FIBRAs.

They issue certificates that function in a similar way to shares on the local stock exchange, and allow investors to participate in the Mexican property market without owning buildings.

Previous REITs issued in Mexico so far have been backed by lease payments on commercial properties. (1 US dollar = 13.5900 Mexican peso) (Reporting by Jean Arce; Editing by Andrea Ricci)

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