MEXICO CITY (December 4, 2025) – Holland & Knight advised NEXT Properties, a trust formed under the laws of the United Mexican States, in connection with six exchange offers totaling approximately $1.9 billion in aggregate principal amount for outstanding Fibra UNO senior notes. The exchange offers were launched on November 5 and concluded early settlement on December 4. The Next Properties notes were issued pursuant to Rule 144A and Regulation S under the Securities Act of 1933. This transaction is expected to be the largest combined international corporate bond issuance in Latin America this year.
The new notes include series maturing in 2030, 2032, 2034, 2044 and 2050, with sustainability-linked and green features in certain series. NEXT Properties received tender offers in aggregate for approximately $2.7 billion of principal amount representing more than 70 percent of the outstanding principal of Fibra UNO's notes, out of which approximately $1.9 billion were accepted by NEXT Properties for exchange.
BBVA Securities Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as dealer managers for the exchange offers. D.F. King & Co. Inc. served as exchange and information agent.
Based in Mexico City, NEXT Properties is a subsidiary of Fibra NEXT, a Mexican real estate investment trust (REIT) focused on industrial and logistics real estate and one of the largest in Latin America.
Holland & Knight's representation of NEXT Properties was led by Partners Stephen Double, Guillermo Uribe Lara and Adrian Gay Lasa, with assistance from Associates Carlos Guijarro, Juan Mata and Jorge González and International Law Clerk Luciano Zanutto.
Members of Holland & Knight have been important counselors to Mexico's FIBRA market since the inception of the first Mexican FIBRA in 2011. The Mexico City-based team has advised Fibra UNO (BMV: FUNO11) on all of its major transactions since 2014, and the U.S.-based team has advised Fibra UNO on all of its major international financing transactions since 2019.
More information on the transaction can be found here.