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The first fibra appeared in 2011 with the debut of Fibra Uno, which was the only trust until late 2012.
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Of five listings in the last quarter, three were by fibras.
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That poses a headache for regulators and those running the fibras.
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Fibra Uno began with just 13 properties in its portfolio.
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Some fear the fibras may be heading toward a bubble.
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The slew of new fibras cropping up demand recognition.
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REITs, known locally as fibras, issue certificates that function like shares and allow investors to participate in Mexico's property market without owning buildings.
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Pedro Aspe of investment advisory firm Evercore Partners, expects up to 20 new fibras will enter the market in the next five years.
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Fibra Uno is up 12.8 percent year-to-date, compared to a 0.75 percent rise in Mexico's main stock index.
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Taking into account a supplementary and additional allotments, Fibra Macquarie's offering could fetch as much as $415 million, the second source said.
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The success of the fibras coincides with new President Enrique Pena Nieto's ambitious economic reform agenda that has stoked interest in Mexico's booming financial sector.
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Mexican President Enrique Pena Nieto announced the creation of the "Fibra E" investment vehicle during his annual address to the nation this week.