June 2, 2020 | 5:00 am
Alignmex, the developer of rental housing, seeks to go to the stock market to obtain more resources through its Development Capital Certificate (CKD), SIRENK.
Through a notice sent through the Mexican Stock Exchange, they made the first call of what will be the additional issuance of certificates, with which they seek to obtain 667.1 million pesos. This will take place on June 16.
The subscription price of the certificates will be 50 pesos each, a figure below the valuation made by the independent appraiser, 414 Capital.
“As of March 31, 2020, we consider that the fair, non-marketable value of the certificates is 204.29 pesos,” highlighted the form in its report to the Mexican Stock Exchange.
The instrument, since its creation in 2017, has made nine issues, the last one was in November 2019 when they issued 5,324,797 Series B Stock Certificates for 207.9 million pesos at 39.06 pesos per certificate.
They seek to become Fiber
The company has two investments scheduled for 2020. The first is 1,461 million pesos for the development of 180 apartments for rent in the Metropolitan Area of Mexico City.
The second is 635.03 million for the development of 165 apartments also for rent in the Metropolitan Area of the City, assets that in the future could be used as part of the Fiber portfolio they want to create.
In early 2019, the company expressed its interest in completing the first Real Estate and Infrastructure Investment Trust (Fibra), specialized in rental housing assets, but to achieve this, they consider that it is first necessary to strengthen the market.
“In Mexico, even if I had the money, I would not be able to start buying properties tomorrow, because there are not enough to form a Fibra”, so they consider that the previous step is to develop more properties, he told THE CEO in a previous interview the director of Alignmex, Roberto Ordorica.
The resources raised in the previous issues have been used for the development of the properties.
Fibras and CKD´s advance
Structured instruments are becoming more relevant within the financing system in the country.
From December 2018 to December 2019, the outstanding balance of the internal debt of trust certificates grew at a real annual rate of 6%, which is explained by “the 7.9% real annual increase in the balance of the securities issued by the private sector, such as the annual growth of the balance of the securities issued by the public sector, of 5.7% in real terms ”, published the National Banking and Securities Commission in its statistical report on Financial Savings and Financing published in May .
Until December 2019, the outstanding balance of CKDs and Fibers “are those of greater relative importance” within Fiduciary Stock Certificates, as they together represent 2.2% of national GDP.
The CDK balance is equivalent to 238,344 million pesos and had an annual growth of 4.9%, while FIBRAS is equivalent to 305,220 million pesos and had a 25.6% annual growth in the balance in real terms, according to the CNVB.