Rubio Leguía Normand acted as legal advisor to the Fideicomiso de Titulización para Inversión en Renta de Bienes Raíces – FIBRA Credicorp – Patrimonio en Fideicomiso- D. Leg. No. 861, Título XI ("FIBRA Credicorp") in the investment and acquisition of its first real estate asset (the “Asset”), which consists in the purchase of ten (10) floors in a 19-storey building used for offices and commercial premises located in the district of Magdalena del Mar in Lima - Peru. The property was owned by the real estate company Primera Visión S.A.C., a corporate vehicle of Spanish and American investors.
FIBRA Credicorp is the first vehicle of this nature created by Credicorp Capital group in August 2019 and is the second FIBRA incorporated in Peru. Thus, the FIBRA Credicorp Capital is focused on the acquisition of logistic assets, industrial premises and prime offices for their subsequent leasing as long as such investments are secured real estate assets exhibiting less exposure to the current situation. Credicorp Capital expects that these investments will generate a net profit in the range of 8% to 10% per year in dollars for its investors.
In August 2020, FIBRA Credicorp debuted on the Lima Stock Exchange raising US$ 25.8 million in its initial public offering. The obtained funds will be used by FIBRA Credicorp to pay the purchase price of the Asset, as well as to pay taxes and expenses related to this transaction. FIBRA Credicorp aims to perform a second public offering of at least US$ 25 Million by year’s end and to raise up to US$ 200 Millons in the next 24 months. In that order, FIBRA Credicorp will be able to pursue further acquisitions to increase its portfolio.