Holland & Knight has concluded a deal representing Fibra HD in its $1500 billion pesos (US$100 million) IPO, which was registered with the Mexican Stock Exchange (BMV) yesterday.  Fibras, the Mexican equivalent of REITs (real estate investment trusts) operate like stocks and are popular among local investors because of their high rates of return. Fibra HD is the first Fibra with no controlling group and a fully internalised administration. It is the 10th Fibra to go public since legal reforms made Fibras possible in 2011.

Fourth Fibra market debut

The Holland & Knight team acting as counsel was led by Mexico partner Guillermo Uribe Lara and associates Adrian Gay, Jorge Gonzalez, Mirna Ordaz, Alonso Ramirez and Santiago Soldevilla. The Fibra HD IPO represents the fourth time Mr Uribe and his team have advised on Fibra market debuts. He advised Fibra UNO (2011), Fibra Inn (2013) and Fibra Shop (2013) on their IPOs, as well as several significant follow-on transactions and debt offerings, including the first global bond, the first long-term bond programme, and the first rights offer ever made by any Fibra. Bryan Minutti of Chavez Vargas Abogados acted as underwriters counsel.