FIBRA Prologis Announces Extension of Tender Offer for Terrafina

FIBRA Prologis announced the extension of its tender offer for up to 100% of the outstanding FIBRA Terrafina Real Estate Trust Certificates (CBFIs). The company said it holds acceptance letters for Terrafina CBFIs, which, combined with its existing holdings, represent more than 85% of the total outstanding Terrafina CBFIs.

FIBRA Prologis’ extension allowed an additional five business days, with the new expiration date set for the last minute of Nov. 8, 2024. The tender offer and reciprocal subscription aim to acquire all Terrafina CBFIs not already owned by FIBRA Prologis. The extension has been made to provide all CBFI holders with the opportunity to comply with the necessary requirements to participate in the offer, FIBRA Prologis said.

FIBRA Prologis said it holds acceptance letters for Terrafina CBFIs, which, along with its existing holdings, represent over 85% of the total outstanding Terrafina CBFIs. As a result, the company has informed investors, particularly those with minimum liquidity requirements in their fund documentation, that the offer will lead to reduced liquidity and a smaller float of Terrafina CBFIs. 

FIBRA Prologis also noted that further tender offers may not happen, and should they occur, such offers may come with less favorable terms than the current ones. “This offer may therefore result in the final opportunity for such index investors and all other residual investors whose investment requirements mandate minimum liquidity thresholds to comply with their respective fund mandates,” reads the company’s press release.