REITs are starting to make noise in Mexico. Moody's de Mexico rated its first REIT last week, assigning a national scale rating of Baa2.mx' and local currency, global scale rating of B1' to Casablanca Trust's proposed Ps300 million ($26 million) issuance. The paper will have a 24.5-year term. In Mexico, REITs are known by their Spanish nickname, Fibras.
Casablanca Trust will contain five private sports clubs owned by three units of Grupo Propulsa. The Fibra will sign a long-term lease agreement with Impulsora y Operadora de Clubes.