** Mexican FIBRAs sink in morning trading after competing bids emerge for peer Fibra Macquarie FIBRAMQ12.MX

** Fibra Prologis FIBRAPL14.MX, which said certificate holders on Tuesday had approved launching a bid to acquire Macquarie, sinks around 3% in morning trading

** Mexican FIBRAs are real estate investment vehicles similar to U.S. REITs, typically owning and operating income-producing properties such as warehouses, offices, shopping centers and industrial parks

** On Wednesday, Fibra NEXT NEXT25.MX said it planned to launch a voluntary tender offer, while Fibra MTY FMTY14.MX also said it was interested in pursuing a bid

** "The process now has three active participants, marking the start of a possible bidding war," analysts at GBM Insight say

** Fibra NEXT's offer values Macquarie below its reported net asset value, though the cash alternative marks a modest premium, analysts at Actinver note

** Fibra NEXT ticks down 0.09% while Fibra MTY down 1.8%

(Reporting by Kylie Madry and Noe Torres; Editing by Daina Beth Solomon)

((Kylie.Madry@thomsonreuters.com))