BBVA Financing Backs Industrial Growth in Bajio, Northern Mexico

Grupo Amistad will use BBVA México’s US$181 million financing to consolidate and expand its industrial portfolio in key manufacturing and logistics corridors.

BBVA México has provided US$181 million in financing to Fideicomiso 3599, operated by Grupo Amistad, to refinance and support industrial assets across Bajio and northern Mexico. The five-year financing reflects continued confidence in industrial properties tied to manufacturing, automotive, aerospace, logistics, and other export-oriented sectors. However, the transaction also highlights the need for industrial regions to strengthen security, infrastructure, and institutional conditions if they are to sustain long-term competitiveness.

The financing consists of two components. The first, worth US$161 million, is backed by 16 stabilized Class A and A+ industrial buildings totaling 255,986m² of gross leasable area. These assets are fully occupied, providing a stable income base for the trust. A second US$20 million tranche will support four industrial buildings under development, totaling 54,620m². The projects are located in Ramos Arizpe, Piedras Negras, and Matamoros, Coahuila, and funding will be released as occupancy and leasing requirements are met.

The broader portfolio includes 20 industrial assets located in Acuña, Ramos Arizpe, Piedras Negras, and Saltillo, Coahuila; Apaseo el Grande, Guanajuato; and Hermosillo, Sonora. These markets are closely linked to Mexico’s automotive, advanced manufacturing, aerospace and logistics industries.

The portfolio’s income is fully dollar-denominated, while its lease contracts have an average remaining term of 6.2 years. This structure offers greater visibility over cash flow and reduces exposure to peso-dollar volatility, making industrial real estate an attractive segment for lenders and institutional investors.

Grupo Amistad has developed more than 3 million m² of industrial space since its founding in 1978. The company currently manages 85 stabilized properties across 16 industrial parks in the Bajio and northeastern Mexico.

Bajio Remains a Strategic Industrial Region

The financing comes as the Bajio remains one of Mexico’s most important industrial and export platforms. According to the Mexican Institute for Competitiveness (IMCO), the region, which includes Aguascalientes, Guanajuato, Queretaro, and San Luis Potosi, stands out for its innovation capacity and economic complexity.

In IMCO’s 2025 State Competitiveness Index, all four Bajio states ranked among the top 11 nationally in the Innovation and Economy subindex. Aguascalientes ranked third, Guanajuato fifth, Queretaro eighth, and San Luis Potosi 11th.

These results reflect the region’s strong industrial base, diversified manufacturing activity, export capacity, and ability to attract investment. Queretaro has become a key hub for specialized manufacturing and aerospace, while Guanajuato and Aguascalientes remain closely tied to automotive production. San Luis Potosi continues to strengthen its role as an export and logistics center.

For developers and financial institutions, these conditions support demand for industrial parks, warehouses, and build-to-suit facilities near production clusters, transportation corridors, and the US market.

Security Risks Could Affect Long-Term Competitiveness

Despite its economic strengths, IMCO warns that insecurity remains a major challenge for the Bajio region. The institute notes that the region’s competitiveness could weaken if economic growth is not accompanied by stronger rule of law, security, and institutional capacity.

Guanajuato faces one of the most difficult security environments in the country. IMCO ranked the state 28th in homicides, with a rate of 39.6 homicides per 100,000 inhabitants, while only 11% of adults reported feeling safe. The state also ranked 26th in crime incidence. San Luis Potosi also faces challenges, ranking 22nd in crime incidence and 23rd in unreported crimes. Meanwhile, Aguascalientes and Queretaro perform better in some security indicators but still face issues related to crime incidence and vehicle theft.

For industrial operators, these risks can translate into higher security costs, disruptions in freight movement, greater pressure on insurance, and increased complexity in managing supply chains. The challenge is especially relevant for industrial parks and logistics corridors that depend on reliable road connectivity and predictable cargo flows.

IMCO recommends that states strengthen security in logistics nodes, improve coordination between authorities and the private sector, develop long-term infrastructure plans, and streamline investment processes through digital one-stop shops.