Mexico's Fibra Uno delays highly anticipated real estate trust IPO

Mexican real estate investment trust Fibra Uno, created to take advantage of "nearshoring" opportunities, has postponed an initial public offering (IPO) of its unit Fibra Next, it said in a statement on Wednesday.

Fibra Next planned to raise up to 15 billion pesos ($865 million) in its IPO and start trading on Thursday, in what would have been the first new listing on the country's stock market in three years.

Parent company Fibra Uno did not elaborate on what caused its change of plans, adding only that it was seeking a more diverse base of investors.

"Fibra Uno is choosing not to carry out the initial public offering of Fibra Next at this time and deferring it until it receives confirmation about criteria needed," the filing said.

Bloomberg News reported earlier on Wednesday that missing tax documents had caused the delay. Reuters was not able to independently verify the information and Fibra Uno did not immediately respond to a request for comment on the report.

Fibra Uno leads Mexico's real estate trust market, boasting a portfolio of more than 600 properties at the end of the third quarter. Like other property firms, Fibra Uno sought to capitalize on companies seeking to relocate manufacturing from Asia to Mexico to be closer or nearshore it to the North American market.

Another real estate trust, Vesta, debuted on the New York Stock Exchange earlier this year with a $400 million IPO.

However, the Mexican market has seen few new listings in recent years, and a number of companies have either delisted or started procedures to do so.