On July 22, 2020, Telesites, through its subsidiary Operadora de Sites Mexicanos, received all the necessary authorizations to contribute 6,500 towers from its portfolio, spread across 32 states of Mexico, to a new real-estate investment trust, or FIBRA, that is listed on the Mexican stock exchange under the ticker symbol FSITES. In exchange, it received trust securities certificates representing approximately 72.5% of FSITES’ capital, while the remaining 27.5% of the FIBRA’s capital was placed with the investing public, raising 12.04 billion pesos in capital.
With this, FSITES assumed the corresponding investment to build new towers in Mexico, which will be the main use of those proceeds.
On December 29, 2020, Operadora de Sites Mexicanos contributed an additional 480 towers to the trust, while the other investors contributed 691.86 million pesos. These sites began generating revenues for FSITES in January 2021.