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Prologis Mexico IPO to be first 2014 local offering at $538 mln

MEXICO CITY, June 3 (Reuters) - Real Estate Investment Trust (REIT) Prologis Inc. said its Mexican unit aims to raise up to nearly 7 billion pesos ($538 million) on Wednesday, in what would be Mexico's first initial public offering (IPO) this year.

Fibra Prologis, the Mexican affiliate of U.S. REIT Prologis Inc., will sell up to 258 million shares for 27 pesos per share, the company said in a statement.

The trusts, known locally as fibras, issue certificates that function much like shares and allow investors to participate in Mexico's property market without owning buildings.

Mexico saw a record level of IPOs in 2013, but momentum did not carry over into the new year because emerging markets worldwide were hit by sell-offs.

Fibra Uno, also a REIT, said in May it aimed to raise up to $2.57 billion with its third share offer in June.

($1 = 12.9410 Mexican Pesos) (Reporting by Christine Murray; Editing by Cynthia Osterman)