August 3, 2017 / 6:50 PM / 8 months ago

Mexican REIT Nova raises less than expected in issue

MEXICO CITY, Aug 3 (Reuters) - Mexican real estate investment trust (REIT) Fibra Nova raised 1.22 billion Mexican pesos ($68 million), the Mexican stock exchange said on Thursday, in an initial public offering that raised much less than expected.

Fiba Nova certificates debuted on the market at 19.50 pesos, below estimates of a range between 20 and 21.50 pesos. The company would have raised around 2.3 billion pesos if it had priced in the middle of the range.

Five investors bought the certificates, the Mexican stock exchange said in a statement.

The REIT is made up of real estate holdings of meat and milk producer Grupo Bafar, and will make its market debut on Thursday after its Wednesday pricing.

Mexican REITs, known as Fibras, have become popular with Mexican pension funds in recent years due in part to favorable tax treatment.

$1 = 17.8670 Mexican pesos Reporting by Sheky Espejo; Editing by Meredith Mazzilli

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