Fibra NEXT Raises $400 Million, Completes FUNO Bond Swap to Become Mexico’s Largest Industrial REIT

Overview

• NEXT sold 73.4 million CBFIs at 100 pesos each for 7,342 million pesos (about $400 million), after a 1.5x oversubscribed book with roughly half the demand from international investors.
• The issuer capped the allocation at $400 million, coming in below the original 100 million‑CBFI target to limit dilution and protect existing holders.
• Since its late‑July IPO, NEXT has raised about $835 million in equity across the initial and follow‑on offerings.
• A bond swap with Fibra Uno transferred industrial portfolio debt previously estimated at roughly $2.8 billion, streamlining the combined financial structure.
• NEXT reports a portfolio value near $8.5 billion and says proceeds will accelerate industrial development, including Phase 2 of the Júpiter portfolio and a strategic co‑investment with FUNO.