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Urbana","movilidad-urbana",{"code":23},{"id":1447,"status":1448,"segmentId":25,"slug":1449,"title":1450,"editorsPick":1451,"topImage":1452,"coverImage":1453,"slideImage":8,"publishDate":1454,"readTime":85,"maxRelatedEvents":5,"image":8,"imageCredit":1455,"imageCreditColor":978,"breakNewsUntil":8,"seoTagConversionId":8,"seoTag":8,"seoTitle":8,"seoKeywords":8,"seoDescription":8,"seoAbstract":8,"seoImage":8,"visitCounter":138,"createdAt":1456,"updatedAt":1457,"translations":1458,"segment":1470,"categories":1478,"countries":1487,"authors":1490,"urls":1495},4377,"TRUE","credito-bancario-cede-terreno-a-jvs-fibras-y-ckds-en-mexico","Crédito bancario cede terreno a JVs, FIBRAs y CKDs en México",false,"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002FSlider_JVs_CKDs_FIBRAs_2026_7_23_10_06_41_1784812001.webp","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002FCover_JVs_CKDs_FIBRAs_2026_7_23_10_06_41_1784812001.webp","2026-07-23T00:00:00.000Z","GRI Institute","2026-07-23T10:06:41.000Z","2026-07-23T10:18:15.000Z",[1459],{"id":1460,"newsId":1447,"languageId":5,"title":1450,"subtitle":1461,"content":1462,"summary":978,"takeaways":1463,"seoTagConversionId":8,"seoTag":8,"seoTitle":1450,"seoKeywords":1464,"seoDescription":1465,"seoAbstract":8,"seoImage":1466,"createdAt":1467,"updatedAt":1468,"language":1469},5036,"A pesar del menor crecimiento del PIB, el mercado inmobiliario señala su intención de elevar inversiones  ","La economía mexicana presenta un cuadro de estabilidad monetaria, pero con un crecimiento moderado. El Banco de México (Banxico) mantuvo su tasa de interés de referencia en 6.50% en su última reunión, llevada a cabo en junio, señalando el fin de un ciclo de restricción monetaria que tuvo su punto más alto en 2023 (11.25%). Esta estabilidad se encuentra sustentada por una inflación bajo control, la cual registró en junio una variación anual del 3.37%, la menor desde diciembre de 2020 y dentro del rango de tolerancia de Banxico.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nA pesar del control inflacionario y de tasas de interés en un nivel más atractivo, la actividad económica exhibe un dinamismo contenido. Las proyecciones de crecimiento del PIB para 2026 varían: BBVA Research prevé un 1.2% en su informe más reciente, publicado en junio, frente al 1.8% estimado a inicios de año, "debido a la débil demanda interna y a un entorno prolongado de incertidumbre". La OCDE estima un avance aún más tímido, de 0.8%, al igual que Bank of America. Banco de México proyecta un alza del 1.1% en el PIB, frente al 1.6% de su estimación inicial.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nUn reporte divulgado este martes (21) por el Instituto de Finanzas Internacionales (IIF, por sus siglas en inglés), considerado la mayor asociación global del sector financiero, indica que México enfrenta un riesgo creciente de retornar a la trayectoria de bajo crecimiento observada antes de la pandemia, en caso de no realizar reformas para destrabar la inversión privada.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nSegún la publicación, el país está perdiendo el impulso otorgado por el nearshoring a causa de incertidumbres regulatorias, debilidades institucionales, problemas de seguridad pública e infraestructura deficitaria. En la lectura del IIF, el PIB de México crecerá 0.9% en 2026 y 1.1% en 2027, ambos datos por debajo del promedio registrado por el país en los últimos 20 años, que fue del 1.6%, y también inferior al crecimiento proyectado para el promedio de América Latina.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nEn este contexto, el mercado inmobiliario destaca por su resiliencia. El sentimiento de los inversionistas en 2026 es mayoritariamente positivo, con un 83% planeando mantener o incrementar sus inversiones en el sector, según una encuesta de \u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fcompany-profile\u002Fcbre-mexico_401\" target=\"_blank\">CBRE\u003C\u002Fa> publicada en febrero. El principal motor de esta confianza sigue siendo el fenómeno del nearshoring, que continúa alimentando una demanda robusta de activos industriales y logísticos, especialmente en los mercados cercanos a la frontera con los Estados Unidos.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nEl sector residencial también muestra fuerza, impulsado por la urbanización y el crecimiento de la clase media. La encuesta indica además que los segmentos de retail y data centers ganan terreno como apuestas de diversificación. La Ciudad de México predomina en la elección de las inversiones, seguida por Monterrey.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fevent\u002Fmexico-gri-real-estate-2026_5314\" target=\"_blank\">\u003Cstrong>Participe en reuniones a puerta cerrada en el México GRI Real Estate 2026.\u003C\u002Fstrong>\u003C\u002Fa>\r\n\u003Ch2>Las estructuras de capital\u003C\u002Fh2>\r\nEl escenario actual exige que desarrolladores e inversionistas piensen más allá de la simple relación deuda\u002Fequity. La optimización del capital radica en la combinación inteligente de las diversas fuentes disponibles, cada una con su respectivo costo, riesgo y flexibilidad.\r\n\r\n\u003Ch3>FIBRAs y CKDs \u003C\u002Fh3>\r\nLas FIBRAs se consolidaron como un pilar del mercado de capitales mexicano. Actualmente, el sector administra más de 1 billón de pesos en activos y genera cerca de 1.3 millones de empleos directos, según la Asociación Mexicana de Fideicomisos de Infraestructura y Bienes Raíces (AMEFIBRA).\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nPara los desarrolladores, las FIBRAs no solo representan compradores potenciales de activos estabilizados, sino que también pueden actuar como socios estratégicos de capital. Un ejemplo común es cuando una FIBRA entra como socia en el desarrollo y garantiza la adquisición del activo tras su conclusión, facilitando significativamente la obtención de crédito puente o de construcción al eliminar el riesgo de liquidez del proyecto.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nPor su parte, los CKDs (Certificados de Capital de Desarrollo) son instrumentos de largo plazo ideales para financiar proyectos desde cero (greenfield) o de reposicionamiento (brownfield). Estos canalizan recursos de inversionistas institucionales, tales como las Afores (fondos de retiro), hacia sectores con potencial de crecimiento, incluyendo el inmobiliario.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nPara un desarrollador, levantar un CKD o asociarse con un administrador (GP) de CKD puede ser una vía eficaz para asegurar el capital paciente necesario para atravesar el ciclo de desarrollo y estabilización de un activo.\r\n\u003Ch3>Deuda mezzanine y equity preferente \u003C\u002Fh3>\r\nEntre la deuda sénior (crédito bancario) y el capital del desarrollador, existe un espacio para capital híbrido que resulta crucial para viabilizar proyectos.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nLa deuda mezzanine es típicamente subordinada, no está garantizada por una hipoteca de primer grado y ofrece retornos más altos a los acreedores para compensar el riesgo adicional. En un escenario donde los bancos pueden limitar el Loan-to-Cost (LTC) al 60-65%, la deuda mezzanine puede cubrir esa brecha, elevando el apalancamiento total al 75-85% y, de esta forma, reduciendo la necesidad de aportación de capital propio (equity) por parte del desarrollador.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nPor otro lado, el equity preferente es una estructura que otorga a los inversionistas una posición prioritaria en la recepción de distribuciones de flujo de caja, hasta alcanzar un rendimiento preferente (pref). Para el desarrollador, es una manera de atraer capital de inversionistas con menor apetito al riesgo, como family offices o inversionistas institucionales, sin diluir excesivamente su control ni su potencial de ganancia ante el éxito del proyecto.\r\n\u003Ch3>Joint ventures \u003C\u002Fh3>\r\nLas joint ventures (JVs) son adoptadas de manera recurrente en México. No solo dividen la aportación de capital, sino que alinean intereses y combinan capacidades. Un desarrollador local con expertise en ejecución y tramitología de licencias puede asociarse con un fondo de capital internacional que aporta el equity y la gobernanza institucional.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nLa clave del éxito en una JV reside en la claridad de la estructura de gobierno corporativo, las reglas para la toma de decisiones y la definición precisa de los mecanismos de salida.\r\n\u003Ch2>Las estrategias de los grandes players\u003C\u002Fh2>\r\nEl análisis de los movimientos de grandes firmas en el mercado inmobiliario mexicano, como Marhnos, \u003Cspan class=\"company-profile-link\" data-id=\"8013\">PGIM Real Estate\u003C\u002Fspan> y Patria Investments, revela una clara tendencia hacia la sofisticación y diversificación de sus estrategias de financiamiento, alejándose de la dependencia exclusiva del crédito bancario tradicional.\r\n\r\n\u003Ch3>Marhnos \u003C\u002Fh3>\r\n\u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fcompany-profile\u002Fmarhnos-mexico_2229\" target=\"_blank\">Marhnos\u003C\u002Fa>, a través de su división Marhnos Habitat, concentra sus operaciones en el desarrollo de proyectos residenciales en la Ciudad de México y su zona metropolitana, además de Guadalajara. Su estrategia de capital combina recursos propios, crédito puente para edificación y, de manera fundamental, alianzas estratégicas, como en el proyecto Inclusiv by Marhnos en Azcapotzalco, en sociedad con la administradora \u003Cspan class=\"company-profile-link\" data-id=\"2233\">Gava Capital\u003C\u002Fspan>, que ingresó como socia financiera vía equity.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nEl modelo de joint venture permite mitigar el riesgo del proyecto, compartir la aportación de capital y apalancar el expertise de sus socios. En paralelo, Marhnos desarrolló el "Club de Inversionistas", un programa que ofrece descuentos y beneficios a clientes recurrentes, lo que señala una estrategia para levantar capital directamente de inversionistas privados y fidelizar a su base de clientes. Este enfoque crea una estructura de capital multifacética, donde el capital de socios y clientes complementa al financiamiento bancario tradicional.\r\n\u003Ch3>Patria Investments \u003C\u002Fh3>\r\n\u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Finfrastructure\u002Fcompany-profile\u002Fpatria-investimentos-chile_4128\" target=\"_blank\">Patria Investments\u003C\u002Fa>, uno de los mayores administradores de activos alternativos en América Latina, adopta un enfoque de plataforma. La estrategia de real estate de Patria ha crecido exponencialmente en los últimos años con base en la adquisición de otras gestoras y portafolios enteros para ganar escala y diversificación. En México, su incursión en el sector inmobiliario se dio mediante una joint venture con la firma estadounidense \u003Cspan class=\"company-profile-link\" data-id=\"8301\">Lexington Capital\u003C\u002Fspan>.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nEl fideicomiso Patria Lexington Fibra cotiza en la Bolsa Mexicana de Valores y cuenta con un portafolio compuesto principalmente por activos agroindustriales y naves logísticas. El fondo también comenzó a invertir en data centers y activos urbanos complementarios, como oficinas, retail y vivienda en renta, con el fin de mitigar riesgos y ampliar las oportunidades de retorno para sus inversionistas.\r\n\u003Ch3>\u003Cspan class=\"company-profile-link\" data-id=\"8013\">PGIM Real Estate\u003C\u002Fspan> \u003C\u002Fh3>\r\n\u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fcompany-profile\u002Fpgim-miami_2051\" target=\"_blank\">\u003Cspan class=\"company-profile-link\" data-id=\"8013\">PGIM Real Estate\u003C\u002Fspan>\u003C\u002Fa>, el brazo de inversión inmobiliaria de Prudential Financial, mantiene un enfoque enfocado en el sector industrial y logístico. En su reporte "2026 Real Estate Outlook: Mexico", PGIM destaca que los impulsores estructurales de la demanda por arrendamiento industrial, como el nearshoring y el e-commerce, permanecen intactos. La empresa opera en México desde hace más de 20 años y administra un portafolio superior a los 75 millones de pies cuadrados en el país, apostando por su profunda red de relaciones con desarrolladores, instituciones financieras y operadores locales.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nLa estrategia de financiamiento de PGIM se basa en capitalizar las oportunidades de un mercado donde la base de compradores institucionales para activos core está madurando, pero aún actúa con cautela. Esto genera una ventana para inversionistas como PGIM, quienes pueden ingresar a proyectos en etapas tempranas mediante alianzas y fondos de capital privado, como el CKD PruMex IV, que levantó 4,400 millones de pesos entre inversionistas institucionales para proyectos industriales, residenciales en venta y renta, además de desarrollos de uso mixto.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nEl enfoque es de largo plazo, buscando crear valor mediante la gestión activa (asset management) para posteriormente vender los activos estabilizados al creciente mercado institucional, incluyendo a las FIBRAs.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fevent\u002Fmexico-gri-real-estate-2026_5314\" target=\"_blank\">\u003Cstrong>Marhnos, Patria y PGIM están confirmados en la sesión final de México GRI Real Estate 2026. Conozca más.\u003C\u002Fstrong>\u003C\u002Fa>\r\n\r\n\u003Ch2>Un ciclo en el que la estructura es más importante que el costo del capital\u003C\u002Fh2>\r\nLa era de la dependencia del financiamiento bancario monolítico está cediendo su lugar a un enfoque más deliberado, en el que el capital se ensambla en capas, combinando fuentes con distintos perfiles de costo y riesgo para optimizar la estructura final.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nPara los desarrolladores, la tarea consiste en construir relaciones no solo con la banca, sino también con administradores de fondos, FIBRAs, family offices y otros proveedores de capital alternativo. La capacidad de presentar un proyecto con una estructura de capital prediseñada -que tal vez incluya una capa de capital preferente o un socio de JV- incrementa drásticamente el atractivo ante los acreedores sénior.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nPara los proveedores de capital, como bancos y fondos, la oportunidad radica en ofrecer soluciones más flexibles. Los bancos que desarrollen la capacidad de suscribir deuda en conjunto con socios de capital mezzanine o preferente obtendrán una ventaja competitiva. Por su parte, los fondos capaces de brindar desde equity puro en JVs hasta deuda privada estructurada deberán capturar una mayor tajada de un mercado que busca soluciones de capital integrales.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nEn resumen, la optimización del financiamiento en México consiste menos en encontrar la fuente de capital más barata y más en construir la estructura de capital más resiliente e inteligente.","\u003Cul>\r\n\t\u003Cli>Players sofisticados se están volcando hacia estructuras híbridas, combinando deuda bancaria con capital de FIBRAs, CKDs y joint ventures para optimizar el costo promedio ponderado de capital y reducir la exposición al riesgo con un solo proveedor. \u003C\u002Fli>\r\n\t\u003Cli>Inversionistas institucionales priorizan alianzas de largo plazo con desarrolladores locales, utilizando capital de fondos para financiar proyectos value-add y de desarrollo, sorteando la cautela de la banca tradicional respecto al riesgo de construcción. \u003C\u002Fli>\r\n\t\u003Cli>Las FIBRAs (Fideicomisos de Inversión en Bienes Raíces) y los CKDs (Certificados de Capital de Desarrollo) se consolidaron como fuentes cruciales de financiamiento, ofreciendo una vía de liquidez y acceso a capital institucional que los desarrolladores deben integrar en sus estrategias de levantamiento de capital y desinversión.\u003C\u002Fli>\r\n\u003C\u002Ful>\r\n","crédito inmobiliario, joint venture, certificados de capital de desarrollo, FIBRA","A pesar del menor crecimiento del PIB, el mercado inmobiliario señala su intención de elevar inversiones  \r\n","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002FHub_Social_JVs_CKDs_FIBRAs_2026_7_23_10_13_01_1784812381.jpg","2026-07-23T10:06:48.000Z","2026-07-23T10:18:10.000Z",{"code":23},{"id":25,"color":27,"translations":1471},[1472,1474,1476],{"title":26,"slug":30,"language":1473},{"code":13},{"title":37,"slug":38,"language":1475},{"code":18},{"title":33,"slug":34,"language":1477},{"code":23},[1479],{"id":136,"label":1051,"translations":1480},[1481,1483,1485],{"label":1051,"slug":1062,"language":1482},{"code":13},{"label":1065,"slug":1066,"language":1484},{"code":18},{"label":1069,"slug":1070,"language":1486},{"code":23},[1488],{"name":567,"enName":567,"ptName":567,"iso2":1489},"MX",[1491],{"name":1492,"slug":1493,"image":1494,"order":115},"Henrique Cisman","henrique-cisman","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews_author\u002FHenrique_Marcal_Cisman_GRI_Institute_Profile_PIC_2025_11_04_11_31_12_1762266672.jpg",{"es":1496},"\u002Fmercado-inmobiliario\u002Fcredito-bancario-cede-terreno-a-jvs-fibras-y-ckds-en-mexico",[1498,1499,1500,1501,1502,1503],"Infra Brazil","Infra Latam","Real Estate Brazil","Real Estate Europe","Real Estate India","Real Estate Latam"]