(Bloomberg) -- Mexico real estate investment trust Fibra MTY plans to spend as much as $800 million on new properties this year and is eyeing tapping markets again in 2025 after completing a share offering last week, its chief executive officer said. 

The Monterrey-based company is planning to invest in industrial parks with US and European renters in regions including the Bajio, Leon, Tijuana and Ciudad Juarez, CEO Jorge Avalos said in an interview. 

The company raised nearly $468 million in a local share offer last week, including the over-allotment for brokers. Some 100 foreign institutional investors bought about 60% of the total offering, with local pension funds making up the rest, he said. 

Fibra MTY has another $250 million from credit lines available, he added, and is looking to raising more cash to continue growing. 

“We expect to make investments between $500 million and $800 million over the course of the year, so that in 2025 we will return to the market,” he said. 

Fibra MTY’s offer followed rival’s Prologis Property Mexico SA, or Fibra Prologis, which raised around $662 million in Mexico’s biggest follow-on stock offering since 2017, according to data compiled by Bloomberg. The two transactions follow an uptick in issuance last year, in which Mexican companies linked to manufacturing raised almost $1.2 billion worth of shares in the US and Mexico, tripling the amount from 2022, amid the so-called nearshoring trend. 

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Avalos, who also leads industrial park association AMPIP, said the REIT sector in Mexico was ripe for more consolidation, but declined to comment on whether Fibra MTY had made an offer to acquire competitor TF Administradora Industrial S de RL de CV. Terrafina, as the REIT is known, has said it’s being courted by six suitors but only Fibra Prologis and Fibra Uno Administracion SA have disclosed they are bidding.

The Mexican market “is getting mature,” he said. “There are going to be new investors and new companies coming into the market.”

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