Deal | 18 December 2025
BBVA advises NEXT Properties on a landmark USD 1.9 billion international bond exchange
BBVA acted as financial advisor to NEXT Properties in the successful completion of six senior unsecured bond exchange offers totaling approximately USD 1.9 billion, originally issued by Fibra UNO. Launched on November 5 and settled on an accelerated basis on December 5, the transaction stands out as one of the most significant corporate debt market operations of the year for Mexican issuers in international capital markets.
Mexico City–based NEXT Properties is a subsidiary of Fibra NEXT, a FIBRA focused on industrial real estate—an asset class that plays a critical role in Mexico’s economic growth, logistics infrastructure, and international trade. The transaction strengthens the company’s capital structure and further solidifies its access to global institutional investors.
The new notes were issued pursuant to Rule 144A and Regulation S, and the transaction is widely regarded as the largest combined international corporate bond operation executed in Mexico during the year, underscoring strong international investor appetite for Mexican issuers in the industrial real estate sector.
Market response was robust, with exchange offers totaling approximately USD 2.7 billion, representing more than 70% of the outstanding principal amount of Fibra UNO’s bonds. Of this total, USD 1.9 billion was accepted, validating both the strength of the transaction structure and the attractiveness of the issuer’s credit profile.
As financial advisor, BBVA supported NEXT Properties throughout the structuring and execution of the transaction, advising on the exchange process and coordinating engagement with international investors. The bank’s involvement leveraged its extensive experience in international capital markets and its deep understanding of Mexico’s real estate sector, contributing to an efficient execution fully aligned with the client’s strategic objectives.
We congratulate Fibra UNO, NEXT Properties, and all teams involved on this significant achievement. At BBVA, we appreciate the trust placed in us and reaffirm our commitment to supporting our clients in transactions that contribute to the continued development and depth of Mexico’s capital markets.
Mexico City–based NEXT Properties is a subsidiary of Fibra NEXT, a FIBRA focused on industrial real estate—an asset class that plays a critical role in Mexico’s economic growth, logistics infrastructure, and international trade. The transaction strengthens the company’s capital structure and further solidifies its access to global institutional investors.
The new notes were issued pursuant to Rule 144A and Regulation S, and the transaction is widely regarded as the largest combined international corporate bond operation executed in Mexico during the year, underscoring strong international investor appetite for Mexican issuers in the industrial real estate sector.
Market response was robust, with exchange offers totaling approximately USD 2.7 billion, representing more than 70% of the outstanding principal amount of Fibra UNO’s bonds. Of this total, USD 1.9 billion was accepted, validating both the strength of the transaction structure and the attractiveness of the issuer’s credit profile.
As financial advisor, BBVA supported NEXT Properties throughout the structuring and execution of the transaction, advising on the exchange process and coordinating engagement with international investors. The bank’s involvement leveraged its extensive experience in international capital markets and its deep understanding of Mexico’s real estate sector, contributing to an efficient execution fully aligned with the client’s strategic objectives.
We congratulate Fibra UNO, NEXT Properties, and all teams involved on this significant achievement. At BBVA, we appreciate the trust placed in us and reaffirm our commitment to supporting our clients in transactions that contribute to the continued development and depth of Mexico’s capital markets.