Mexican real estate investment trust (REIT) Terrafina said on Thursday it had raised around $400 million through the sale of some 192.5 million new tradable certificates.

Terrafina, which has distribution centers and light manufacturing properties, said the issue had raised 5.3 billion pesos ($400.11 million) and that the sum could rise to 6.1 billion pesos with the overallotment option.

The certificates were issued at 27.5 pesos each.

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. (1 US dollar = 13.2462 Mexican peso)