Mexico's REITs Set to Gain from Nearshoring and AI Demand, Says BIVA Chief

Mexican real estate investment trusts are poised to benefit from the country's expanding manufacturing sector and the significant infrastructure demands of the global artificial intelligence boom, according to Maria Ariza, chief executive of the Bolsa Institucional de Valores (BIVA) stock exchange.

Speaking ahead of BIVA's Mexico Investment Week in New York, Ariza identified the country's FIBRAs—tax-advantaged REITs—as a key opportunity for investors to gain exposure to these powerful economic trends.

Dual Growth Drivers

Ariza described FIBRAs as an "underappreciated vehicle" for financing the industrial parks, logistics assets, and infrastructure critical to strengthening North American supply chains. This trend, often called nearshoring, is driven by Mexico's position as a primary manufacturing and export hub for the United States under the U.S.-Mexico-Canada (USMCA) trade agreement.

The growth is already evident in trade data. In the first quarter of this year, Mexico's exports of computer and electronic equipment reached $50 billion, nearly doubling the amount from the same period a year earlier. This surge highlights the increasing demand for industrial capacity that FIBRAs are positioned to provide.

The AI Infrastructure Play

Beyond traditional manufacturing, Ariza noted that the race for AI dominance creates a substantial "spillover" effect that benefits Mexico. While the country may not be a primary producer of advanced semiconductor chips, the AI industry requires a massive build-out of physical infrastructure, including industrial space, power generation, and logistics networks to support technology-intensive manufacturing.

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"Even if we are not necessarily producers" of all AI-related products, FIBRAs can capture the value from this wider economic expansion, Ariza explained. Mexico currently has 16 listed FIBRAs, but she sees room for more specialized trusts to meet the rising demand for industrial and infrastructure assets.

Investor Outlook and Risks

For investors, FIBRAs offer a combination of income through dividend distributions, the potential for asset appreciation, and what Ariza termed attractive valuations relative to other markets. However, she acknowledged that certain risks remain a key focus for international capital.

Ariza noted that investors consistently raise concerns about the following factors in Mexico:

• Legal certainty
• Security
• Reliable access to energy

These issues can increase the cost of capital for new projects, Ariza said, emphasizing that Mexico must communicate openly about both risks and potential returns. She also added that the country's capital markets need to develop better ways to finance the medium-sized companies that supply the nation's growing industrial base.