MEXICO CITY, July 24 (Reuters) - Certificates in Mexican real estate investment trust Fibra Shop fell on Wednesday in their debut on Mexico’s stock exchange.
Fibra Shop, the newest REIT amid a trend for the investment vehicles in Mexico, raised 5.466 billion Mexican pesos ($433 million) in its initial public offering.
The trusts, known as fibras, are similar to U.S. REITs (real estate investment trusts) and issue certificates that function much like shares on the bourse.
Because the trusts are obliged to pay out 95 percent of their taxable income in dividends to their shareholders, they must keep issuing certificates to fund expansion.
Fibra Shop’s certificates closed at 17.30 pesos, 1.14 percent below its offering price of 17.50.
Fibra Shop is Mexico’s sixth REIT to list on the bourse.