BBVA Sociedad Titulizadora S.A.

What it is

FIBRA Prime is the first and largest real estate investment trust (REIT) in Peru, structured as a Fideicomiso de Titulización para Inversión en Renta de Bienes Raíces. In plain terms: properties are placed into a legally ring-fenced trust and sliced into certificates you can trade on the Lima stock exchange, the same way shares trade — every certificate gives you a proportional claim on the rental income and any gain in property values.

The trustee — the licensed institution that legally holds the assets on certificate-holders’ behalf — is BBVA Sociedad Titulizadora S.A., a subsidiary of Banco BBVA Perú which owns 100% of its voting shares. The company was incorporated in Peru on 2 February 1999 and obtained its regulatory licence from the securities regulator (now the SMV) and the banking supervisor (SBS) that same year.

At end-2024 the trust held a portfolio of more than 34 properties — office buildings, retail premises and logistics warehouses — together covering over 238,000 square metres of leasable space, valued at more than US$203 million.

Who owns it

BBVA Sociedad Titulizadora S.A. is a subsidiary of Banco BBVA Peru and has more than 20 years of experience acting as fiduciary in securitisation processes. The trustee entity itself — a small service company with total assets of roughly PEN 5.4 MM (~US$1.6 MM) — is 100% owned by BBVA Perú, which in turn sits inside the global BBVA Group (Spain).

Banco BBVA Perú is itself a subsidiary of BBVA Perú Holding S.A.C., which holds 47.13% of the bank’s capital; behind that holding company stands Banco Bilbao Vizcaya Argentaria S.A. of Spain, which owns 100% of the holding. A further 46.12% of Banco BBVA Perú is held by Holding Continental S.A., a Peruvian vehicle in which the Brescia family is represented on the board.

Who runs it

The day-to-day management of FIBRA Prime’s property portfolio is handled by the external manager, Administradora Prime S.A. (APSA). Ignacio Mariátegui serves as General Manager of Administradora Prime, the managing company of Fibra Prime.

Fernando Eguiluz Lozano serves as Director Gerente General (managing director) of Banco BBVA Perú — the parent of the trustee entity — a post he has held since May 2020. Guillermo Arana Lara is named as an independent director on the BBVA Sociedad Titulizadora board.

The money, in plain words

In 2024 the trust collected S/ 46.2 MM (~US$13.6 MM) in rental income, up 55.9% from 2023, and after operating costs kept S/ 41.8 (US$12)MM as operating profit — an operating margin of 90.5%, very high even by property-trust standards.

After paying S/ 11.0 (US$3)MM in financing costs and absorbing a S/ 2.4 (US$0.70)MM currency loss, the trust’s net profit was S/ 28.4 MM (~US$8.3 MM), a net profit margin of 61.6%. The prior year net profit was only S/ 2.5 (US$0.73)MM — so owners saw their earnings multiply roughly eleven times in a single year, driven largely by property acquisitions rather than a jump in rental rates (our calculation).

The trustee company itself carries zero financial debt and holds total assets of PEN 5.4 (US$2)MM against liabilities of only PEN 1.0 (US$0.29)MM. The real leverage sits inside the trust: FIBRA Prime carries a club-deal bank loan with BBVA Perú and Scotiabank Perú of US$29.3 MM (originally US$39.1 MM), at a current rate of 5.7%.

Return on equity for the trust is around 10.5%, which rating analysts describe as low — a fair reading for a trust still in rapid acquisition mode, where new buildings dilute returns until leases stabilise. The dividend yield of 8.1% at the US$5.00 certificate price is the number most holders focus on (our calculation, based on US$6.7 MM distributed in 2024 over 18.4 M certificates).

What it is doing now

In December 2025, the International Finance Corporation — the World Bank’s private-sector arm — announced an investment of up to US$40 million to support FIBRA Prime’s growth plan. This was IFC’s first entry into Peru’s real estate sector through a REIT structure.

FIBRA Prime subsequently rang the Lima stock exchange bell after completing a fifth capital raise worth US$120 million in December 2025, pushing total portfolio value above US$340 million as the trust approaches 50 properties. On the debt side, FIBRA Prime took a US$12.5 MM bridging loan from Scotiabank in October 2024 at 7.55%, using most of it to partly repay the existing club deal.

What to watch

• Bond issuance: The Technical Committee of FIBRA Prime has convened an Assembly to pursue a programme of bond issuances — specifically, a plan to issue up to US$150 MM in asset-backed bonds, which would replace shorter-term bank loans with longer, fixed-rate debt and sharply lower refinancing risk.
• Occupancy: The portfolio had a 95% occupancy rate at mid-2025 across 227 active lease contracts; the office segment runs at 80%, so the gap between offices and logistics (100% full) is the main drag on yield.
• IFC’s green conditions: The IFC investment requires FIBRA Prime to pursue green building certifications (EDGE standard) as part of its 2025–2026 expansion — a compliance cost, but also a differentiator if Peruvian ESG regulation tightens.
• Trustee concentration risk: The trustee is 100% BBVA-owned; any change in BBVA’s Peruvian strategy could prompt a trustee change — a low-probability but material event that certificate-holders should track.

This is news, not investment advice.