Macquarie Group Ltd. (MQG), Australia’s biggest investment bank, is delaying by one week the planned $1.2 billion initial public offering of its Mexico real estate investment trust.
Macquarie Mexico Real Estate Management SA now plans to sell shares on Dec. 13 after previously setting a Dec. 6 date in a prospectus, according to an investor presentation filed with the Mexican stock exchange. The REIT is seeking to raise about $1 billion in the deal, plus an overallotment option for underwriters to boost that amount by another 15 percent, making it the industry’s biggest ever IPO in Mexico.
Mexico’s securities and banking commission, known as the CNBV for its initials in Spanish, asked bankers for additional time to review the offering paperwork, and the deal was pushed back a full week because Dec. 12 is a market holiday, according to two people with direct knowledge of the transaction who asked not to be named because the discussions with the regulator are private.
Paula Chirhart, a New York-based spokeswoman with Macquarie Group, declined to comment on the delay. Aurelio Bueno, a Mexico City-based press official with the CNBV, also declined to comment on the date change.
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