Fibra UNO, Mexico’s largest real estate investment fund, and NEXT Properties have closed two unsecured, sustainability-linked revolving credit lines totaling approximately US$1.664 billion. Fibra UNO’s credit line, structured in two tranches—MXN$11.5 billion and US$300 million—was implemented with BBVA Mexico as managing agent and a consortium that includes Santander Mexico, Scotiabank Inverlat, Banco Mercantil del Norte, JPMorgan Chase, Barclays, Bank of America, HSBC Mexico, Goldman Sachs, BNP Paribas, Banco Monex, and Banco Ve por Más.
NEXT Properties’ $700 million credit line replicates the structure with a partially overlapping group of lenders. Both mature in 2031 and are available for general corporate purposes.
The Holland & Knight law firm acted as sole legal counsel for both borrowers. The New York legal team was led by partner Stephen Double.
The operations incorporate a pricing mechanism linked to annual sustainability indicators – assessed in accordance with the LSTA Sustainability-Linked Lending Principles – which allows for a reduction in the debt spread if the established objectives are met.
The operation reflects the consolidation of sustainability-linked loans as a large-scale corporate financing instrument in the Mexican real estate market, with lender consortia combining international and national banks under a dual structure of peso and dollar installments.
Legal Consultants
Consultants from Fibra UNO and NEXT Properties:
- Holland & Knight: Partners Stephen Double, Guillermo Uribe Lara and Adrian Gay. Associates Maria De Bedout, Ivan Serralde, Jorge González and Carlos Guijarro.
