Administradora Sendero SA, a Mexican real-estate investment trust that owns shopping centers, said it’s delaying a planned initial public offering because of poor market conditions.
The trust, known as Fibra Sendero, disclosed the delay in a filing today with the Mexican stock exchange. Fibra Sendero had planned to sell the shares today, with the goal of raising about 5.3 billion pesos ($405 million) including an over-allotment option for underwriters.
While Mexican companies have raised a record $12.2 billion in IPOs and other equity offerings this year, stock prices have slumped, with the benchmark IPC index of 35 companies falling 6.7 percent. The BMV Fibras index of six Mexican REITs has declined 3.3 percent in 2013.