Federico Garza Santos, Eduardo Osuna, and the new Monterrey generation redefining Mexico's infrastructure

The Monterrey thesis: private capital with an infrastructure vocation

Monterrey has been Mexico's industrial capital for over a century. But in the cycle ushered in by the Infrastructure Investment Plan for Development with Well-Being 2026-2030, which envisions investments of 5.6 trillion pesos according to Mexican government data reported by El Heraldo de México, the city and its top executives are assuming a different role: that of strategic intermediaries between private capital and national-scale infrastructure.

Three names currently command the attention of those tracking this ecosystem's evolution: Federico Garza Santos, chairman of Fibra Mty; Eduardo Osuna Osuna, CEO of BBVA México; and Eudelio Garza Mercado, chairman of Grupo Inmobiliario Monterrey (GIM). Each operates from a different vantage point, but all three share a convergent reading: Mexico needs next-generation infrastructure, and Monterrey capital is positioned to finance, develop, and structure it.

This convergence is no coincidence. Nearshoring has transformed Nuevo León into the logistics and industrial epicenter of northern Mexico, generating unprecedented demand for corporate space, road connectivity, and urban services. The executives leading the region's most significant investment decisions today are responding with sophisticated financial instruments, public-private partnerships, and a project scale that transcends conventional real estate to enter fully into the realm of strategic infrastructure.

How are Federico Garza Santos and Eudelio Garza Mercado shaping the infrastructure pipeline in Nuevo León?

The answer lies in the scale, financial sophistication, and orientation of their projects.

Federico Garza Santos has consolidated Fibra Mty as one of the most active real estate investment vehicles in the Mexican market. In February 2026, Fibra Mty secured a syndicated loan led by Banorte for up to $265 million, with an initial oversubscription of 1.15 times, as reported by Milenio. This figure is significant for two reasons. First, because the oversubscription reflects institutional confidence in Fibra Mty's management capacity and portfolio quality. Second, because a loan of that magnitude enables the financing of acquisitions and developments that go beyond traditional real estate operations, positioning the FIBRA as a relevant player in northeastern Mexico's productive infrastructure.

FIBRAs, as an instrument, have proven to be ideal vehicles for channeling institutional capital toward urban and logistics infrastructure assets. Under Garza Santos's leadership, Fibra Mty has leveraged this financial architecture to build a diversified portfolio that directly responds to the needs of the nearshoring cycle. The ability to attract large-scale syndicated financing confirms that the market recognizes this strategy as viable and profitable.

For his part, Eudelio Garza Mercado has taken Grupo Inmobiliario Monterrey to a scale that positions it as one of the country's most ambitious private developers. GIM announced an investment exceeding $3 billion in urban infrastructure and mixed-use projects in Nuevo León, according to information from the State Government of Nuevo León published in October 2025. The Centro Urbano Norte and Sultana megaprojects could increase Monterrey's gross leasable corporate and commercial area by at least 10%, according to SiiLA estimates.

These figures place GIM in a category distinct from the conventional real estate developer. These are projects that integrate mobility components, public services, and urban connectivity, making them infrastructure in the broadest sense of the term. The Sendero-Las Torres Road Complex, developed by GIM, represents an investment of 1.6 billion pesos to improve traffic flow for 215,000 daily vehicles, according to the same government source. A project of this nature transcends the logic of private real estate returns and enters the territory of urban mobility infrastructure with metropolitan impact.

The new generation of Monterrey executives understands that urban infrastructure can no longer be conceived as an exclusively public responsibility. Private developers taking on roles in mobility, connectivity, and services are redefining the boundaries between real estate investment and strategic infrastructure.

What role does banking play in structuring Mexico's new infrastructure cycle?

Eduardo Osuna Osuna, as CEO of BBVA México, the country's largest bank by assets, holds a central position in this equation. His perspective on the 2026-2030 Infrastructure Plan is particularly relevant because BBVA México is simultaneously a potential financier of the projects contemplated in the plan and a barometer of institutional confidence in the regulatory framework.

Osuna recently stated that the success of the 2026-2030 Infrastructure Plan will depend on impeccable execution and clear rules for mixed investment, highlighting the energy sector for its short-term viability in obtaining permits. This reading, articulated from the top of Mexico's banking system, establishes the conditions that institutional capital considers indispensable for participating in large-scale public-private partnership schemes.

The regulatory clarity that Osuna demands connects directly with the experience of Monterrey-based developers. Both Fibra Mty and GIM operate in an environment where legal certainty and predictability in permitting processes determine the viability of projects requiring long-term investment horizons. The convergence between Osuna's banking vision and the execution of developers like Garza Santos and Garza Mercado illustrates a Monterrey capital ecosystem that operates in an integrated manner, from financing through to the construction and operation of assets.

The energy sector, which Osuna identifies as the most viable in the short term, represents a particularly attractive opportunity for private capital from northeastern Mexico. Nuevo León faces significant constraints in its power generation and transmission capacity, exacerbated by growing demand from industrial parks linked to nearshoring. Mixed investment in energy infrastructure could align the interests of the federal government, northern industrial states, and private capital in a shared-benefit equation.

The Monterrey ecosystem as a capital model for infrastructure

What distinguishes the Monterrey cluster is the density of its interconnections. Within a single urban ecosystem converge large-scale developers like GIM, sophisticated financial vehicles like Fibra Mty, top-tier banking institutions like BBVA México, and a state government that has demonstrated willingness to structure public-private partnerships. This institutional density generates competitive advantages that are difficult to replicate in other regions of the country.

The federal plan of 5.6 trillion pesos in infrastructure opens a field of opportunities that Monterrey capital is positioned to seize. The combination of development expertise, access to institutional financing, and proximity to nearshoring logistics corridors creates a structural advantage that could turn Monterrey into the laboratory for Mexico's new infrastructure.

GRI Institute forums dedicated to infrastructure in Latin America have consistently identified this pattern: the most successful investment cycles are built when individual decision-makers, financial institutions, and regulatory frameworks converge in the same direction. The new generation of Monterrey executives appears to be orchestrating precisely that convergence.

For sector leaders participating in the GRI Institute community, the evolution of Monterrey capital offers lessons applicable to other Latin American markets. The sophistication of financial instruments, the scale of investment commitments, and the clarity of these executives' strategic vision establish a benchmark for private sector participation in infrastructure.

The cycle opening in Mexico will be defined, in large part, by the ability of executives like Federico Garza Santos, Eduardo Osuna Osuna, and Eudelio Garza Mercado to translate capital and vision into operational infrastructure. Their decisions, investment vehicles, and partnerships shape the real map of the infrastructure pipeline in northeastern Mexico and, potentially, across the entire country.