Milbank LLP advised the initial purchasers in the inaugural Rule 144A/Regulation S offering of $600 million of 4.375% Senior Notes due 2031 by FIBRA SOMA, a leading Mexican real estate investment trust (FIBRA) focused on premium commercial real estate. FIBRA SOMA owns a high- quality and geographically diversified portfolio of retail, office and mixed-use (office and retail space) properties located in the key cities of Mexico, with an aggregate gross leasable area of 741,905 square meters, which makes it one of the largest commercial real estate portfolios in Mexico.
FIBRA SOMA’s controlling shareholders are Grupo Sordo Madaleno, Mexico’s premier real estate architectural design and development firm, and Cadillac Fairview, a leading Canadian real estate investment firm wholly owned by Ontario Teachers’ Pension Plan.
The Milbank deal team was led by Global Capital Markets partner Carlos Albarracín along with Jesus Narvaez, Maria Velasco and Marco Zaldivar. Partner Andrew Walker and associate David Hanno provided tax advice on the transaction.
Mr. Albarracín said: “Milbank is pleased to have advised the initial purchasers in connection with the inaugural bond offering by FIBRA SOMA. We hope this paves the way for more similar offerings by Mexican FIBRAs to follow as the local commercial real estate market recovers from the negative impact of the Covid-19 pandemic.”
