Terrafina, the Mexican real estate investment trust (REIT), said on Tuesday it plans to issue 280 million new tradable certificates, which could raise over $600 million at current prices.

Terrafina, which has distribution centers and light manufacturing properties, said a meeting of certificate holders backed the issuance, which will be used for acquisitions and be sold publicly or privately inside or outside Mexico.

The REITs, known in Mexico as FIBRAs, issue certificates that function in a similar way to shares on the local stock exchange, and allow investors to participate in the Mexican property market without owning buildings.

Terrafina said in a statement it owns 230 real estate properties, including 217 developed industrial facilities, with a collective gross leasable area of approximately 31 million square feet and 13 land parcels.

Terrafina's certificates traded at 29.9 pesos early Tuesday, giving the new issuance a value of almost 8.4 billion Mexican pesos ($640 million) at current prices.