Six of Mexico’s Top REITs Rethink Relationship with CI Banco Amid U.S. Money Laundering Allegations

FIBRA Hotel, Inn, Macquarie, Shop, Soma, Storage, and Terrafina share little in common, except the fact that all entrusted the fiduciary management of their assets—over $21.8 Billion¹ in industrial, hospitality, retail, and corporate real estate—to CI Banco, now facing money laundering charges in the United States.

That’s no small detail. According to SiiLA, these seven trusts account for four out of every ten dollars held by Mexico’s sixteen largest FIBRAs. And a fiduciary is no mere custodian: it holds legal title to the assets, executes the technical committee’s decisions, and represents the trust to third parties. When its integrity is called into question, the entire structure tightens.

So far, FIBRA Inn and Terrafina have publicly announced that they’ve begun the process of removing CI Banco as their trustee. Others, including FIBRA Hotel, Macquarie, Soma, and Storage, are still weighing their options. FIBRA Shop has remained silent.

The dilemma is serious. Remaining under the management of a bank under suspicion can erode investor confidence, hinder debt or equity placements, complicate strategic partnerships, and—in a worst-case scenario—disrupt operations if accounts are frozen or key decisions blocked. Hence, FIBRA Inn has warned of reputational risks; Hotel, Macquarie, and Soma acknowledge operational or contractual impacts; and Storage has not ruled out adverse legal scenarios. Others have stayed quiet, but the risk is structural.

For now, the legal case against CI Banco remains open in a federal court in Texas, while Mexico’s Finance Secretary has requested conclusive evidence before it can act. In a country where nearly one trillion pesos—over $52 billion—in real estate assets are held in trust structures, the case could mark a turning point.

Regardless of the outcome, internal criteria for fiduciary eligibility will likely change. Entities under investigation would fall off the radar of institutional investors and funds, clearing the way for fiduciaries with stronger international backing and stricter controls. This would be accompanied by regulatory pressure, including greater transparency, more stringent compliance requirements, and enhanced accountability.

The key lesson is that trusts—although they don’t issue stock or hold earnings calls—quietly support the country’s financial and real estate markets. And when one wavers, it’s not just a bank that shakes but the foundation on which an entire system’s confidence rests. That’s why the problem isn’t the tremor itself but whether the system can respond—with clear rules, strong institutions, and, if necessary, real consequences.

To learn more about the performance of real estate investment trusts in Mexico, visit SiiLA FIBRA Analytics or contact us at contacto@siila.com.mx.

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¹Based on MXN 404.091 billion reported by SiiLA, using the average exchange rate of 18.5605 pesos per dollar (Jan–Jun 2025, according to Investing).