Bricks Acquisition Company, a real estate firm based in the United States, resumed its plans to carry out an initial public offering of shares, under the figure of SPAC (Special Purpose Acquisition Company), through the Institutional Stock Exchange (BIVA ).

The general director of the company, Alberto Azpúrua Lara, commented during a conference that through the offer that they will launch, they estimate to raise between 350 million pesos and up to 500 million pesos, estimating a sale price for each share of 20.50 pesos, equivalent to little more than a dollar.

Once the company is placed, it will be the first vehicle listed in Mexico that will be focused on the acquisition of assets in the health real estate sector in the United States. The offer is planned to take place between the last week of June and the first half of July.

Because it is a SPAC, it will have a period of 18 months, from the date of the offer, to carry out the business combination or merger, or the acquisition of a company.

The company, which had announced the intention to list a SPAC in the first quarter of 2019, now plans to do so between the last week of June and the first half of July, the manager explained.

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He immediately explained that his exit plans from two years ago were halted because they sought to have as main investors the Retirement Fund Administrators (Afores), which at that time were under changes in their accounting rules, which limited them to review investment prospects.

"What happened the previous time was that we oriented the transaction too much to the Afore and we arrived at a time when there was an accounting change," said the manager.

Now, he said, they will be focused on attracting retail investors, as well as private and wealth banking, so their collection objective has been reduced.

In 2019, Bricks sought to attract an investment of 100 million dollars (around 2,000 million pesos), in this new attempt it seeks less than 25% of the initial objective.

The firm also changed its business focus within the real estate sector, explained Alberto Azpúrua, because after the health crisis caused by the coronavirus, they realized the “enormous” opportunity that opened up in the health real estate sector, in the so-called Medical Office Buildings (MOB).

These group together medical groups from various disciplines that offer specialized or essential medical services and are generally properties comprised of 2 to 4 floors and a parking area.

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For example, those with high exposure to groups of critical procedures such as dialysis, whose treatment is covered by the government for all United States citizens.

The properties are distinguished by the long duration of the lease contracts, whose average fluctuates between 10 and 15 years, generally extendable for similar periods.

Two key drivers of demand for specialty health services in the American Union have been an aging population, as well as a decline in the number of people without health insurance.

When the manager was asked why they want to be listed on the Mexico Stock Exchange, since it is a not very liquid market compared to Wall Street, he said that the country “has everything to invest in real estate, but it does not offer a vehicle that gives exposure to the US (healthcare real estate) market. "

Originally, Bricks was looking for investment opportunities mainly to acquire medical buildings and shopping centers, such as strip malls, service and power centers, with 100 percent dollarized rents.

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