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About Us




About Us

Is an investment trust vehicle under Mexican law dedicated to the acquisition, development and operations of shopping centers in Mexico.

We are the first retail-focused Fibra specialized exclusively in shopping centers oriented towards middle and upper-middle class consumers in Mexico. The Fibra’s objective is to provide attractive risk adjusted long-term returns to its shareholders via stable cashflow distributions and asset appreciation.

Our initial portfolio consists of 18 high quality shopping centers and 2 in construction, strategically located in 11 states throughout Mexico. Those shopping centers combine over 787,500 m2 of gross leasing area in three different formats: FASHION MALL, COMMUNITY CENTER y POWER CENTER. The portfolio is distinguished by the quality of its tenants that include internationally and nationally recognized brand names.


  • Revolutionize the shopping center market creating a new flexible vehicle based on multiple format platform that responds to the needs of our customers and our tenants in Mexico.
  • Become the leading operator and largest owner of shopping centers in Mexico


  • Grow rapidly taking advantage of the best market opportunities of consolidation in the commercial sector in Mexico.
  • Assemble and manage a diversified portfolio of shopping centers comprised of high quality income-producing properties, strategically located in growing urban regions of Mexico.
  • Provide maximum operating efficiency generating high returns for our investors

Our Values


Transparency in all our processes.


We know that in order to advance we must evolve.


We execute with precision and excellence.


We fully devote ourselves to everything that we do.


We take care of our experts and our investors.


We achieve results to continue growing.

What Is A Fibra?

Is an investment trust vehicle under Mexican law dedicated to the acquisition and development of real estate assets in Mexico intended for leasing. FIBRAs are similar to real estate investment trusts, or REITs, in the United States. This vehicle provides a new investment opportunity for investors.

The introduction of FIBRAs as an investment vehicle in Mexico and the establishment, in 2004, of the tax regime applicable to FIBRAs (through the securities it issues) represent a new kind of security available to investors. The legal structure of a FIBRA resulted from reforms enacted over the past several years to (i) various provisions of the Mexican tax laws and regulations, (ii) operating, trading and other Mexican regulations, (iii) the investment regime of the Mexican pension fund administrators (Administradoras de Fondos para el Retiro, or AFORES) permitting the tax-friendly investment in FIBRAs by Mexican pension funds and (iv) annual tax regulations issued by the Ministry of Tax (misceláneas fiscales).

In particular, recent regulations under the investment regime for the AFORES have classified FIBRAS as “structured instruments.” As a result, Mexican mutual funds specializing in retirement funds (Sociedades de Inversion Especializada en Fondos para el Retiro, or SIEFORES) may direct resources to CBFIs issued by FIBRAs, subject to their investment limitations (for SIEFORES 2, a maximum of 10%, and SIEFORES 3, 4 and 5, a maximum of 15% of their net assets, observing their diversification criteria provided in Order 15-19 of the Retirement Savings System National Commission (CONSAR). In addition, certain private Mexican pension funds, subject to compliance with the applicable provisions of Article 224 of the Mexican Income Tax Law, may invest up to 10% of their reserves in CBFIs issued by FIBRAs.

In addition, the macroeconomic stability of the Mexican economy in the last 17 years has facilitated the development of income-producing properties in Mexico, mainly in major and mid-size cities.

How does a FIBRA work?


The FIBRA receives income from property leases.


Operating and property management expenses are paid.


Interest is paid on debt (if any).


Property maintenance and leasing commissions are paid.


The remaining amount is distributed to CBFI holders through dividends.




Investment Strategy

The fragmented retail sector in Mexico provides excellent opportunity to generate robust growth through expansion, revitalization, disciplined acquisitions and development.



  • Urban and touristic destinations.
  • Zones of robust population growth.
  • Areas of growing household income.
  • Favorable demographics.
  • Table markets with in place infrastructure.



  • High quality shopping centers with accretive valuations.
  • Shopping centers that would benefit from revitalization.
  • High quality tenants with strong brand name recognition.



  • Acquire attractive, well-located land in locations that complement our portfolio.
  • Sub-contract construction and development teams in a transparent and value-maximizing manner.
  • Related party transactions would be appropriately disclosed.


Multi-format approach

Super Regional

Flagship shopping center format for Fibra Shop targeting all types of tenants and consumers.

Primary shopping place for consumers to shop in the surrouding area.

  • Average GLA (m2): More than 40,000

  • Target Consumer Area Main Cities: 25 km radius


Medium sized concept that allows implementation in a larger number of cities across Mexico.

Provides tenants flexibility to have multiple brands in the same shopping centers.

  • Average GLA (m2): 10,000 – 40,000

  • Target Consumer Area Main Cities:: 8 km radius

Urban Center

“Urban Center” concept was created by Central de Arquitectura as a reinvention of the strip mall.

Provides a superior shopping leisure and aesthetic experience for middle and upper middle income consumers.

  • Average GLA (m2): Less than 10,000

  • Target Consumer Area Main Cities: 3km radius


Control Group

FibraShop was formed by contributing assets of the two complementary real estate groups with solid track record in acquisitions, development, design, construction, leasing and operations of real estate properties. Our team of contributing sponsors and management distinguishes itself upon the strong knowledge of local markets and extensive web of industry contacts with long-standing relationships with national and international brand name tenants.


  • Over 15 years of experience in the development and administration of shopping centers.

  • Expertise in the Bajío region in central Mexico; Guanajuato and Querétaro.

  • Since 1999, developed more than 220,000 m2 of gross leassing area in commercial real estate.

  • Longstanding relationships with prominent Mexican and international retailers such as Liverpool, Soriana, Cinemex, Cinepolis, Office Depot and Comercial Mexicana.

  • Significant market knowledge and sourcing network particularly in the Bajío region.


  • More than 50 years of experience in the development and commercialization of real estate properties.

  • Main geographical focus in Mexico City, Cancún, Cabo San Lucas and Acapulco.

  • Developed more than 100 high-quality real estate projects.

  • Extensive residential development in Polanco, one of the most affluent neighborhoods in Mexico City.

  • Experience developing shopping centers, hotels, residences and offices.

  • Developed offices for companies such as American Express and L’Oreal.

Key Executives

Salvador Cayón Ceballos

Chief Executive Officer
Mr. Cayón has been a director of the Advisor since [July 2013] and is the Chief Executive Officer of our Management Subsidiary.  He has also served on the board of directors of Cayón Harinera de Irapuato and Molino Cayón, Industria de Harina de Trigo and related entities owned by the Cayón family. Mr. Cayón has more than 15 years of experience in the real estate sector, particularly in the commercial segment, as well as three years in the residential segment.  His experience includes the development, construction, commercialization and sale of projects.  Mr. Cayón holds a bachelor’s degree in Public Accounting and a graduate degree in Management and Family Business Administration from Tecnológico de Monterrey, Mexico City Campus (ITESM).

Gabriel Ramírez Fernández

Chief Financial Officer
Mr. Ramírez has been Chief Financial Officer of our Management Subsidiary since [July 2013]. He has over 20 years of experience in the Mexican financial industry, both in the public and private financial sector. He previously served as Chief Executive Officer of the National Fund for Workers Consumption (Instituto del Fondo Nacional para el Consumo de los Trabajadores) (Instituto Fonacot) a federal government agency dedicated to granting consumer credit. He also worked as Vice President- Finance of the National Commission for Retirement Savings System (Comisión Nacional del Sistema de Ahorro para el Retiro) (CONSAR), where he was responsible for the regulation and supervision of AFOREs, or Mexican pension funds and acted as Special Project Director in the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) where he contributed to the design and implementation of regulations for financial institutions (rules of capital, risk management, among others). Mr. Ramírez holds a bachelor’s degree in Actuary Studies from Instituto Tecnológico Autónomo de México (“ITAM”) and a master’s degree in finance also from ITAM.

Mirshna Yoshabel Páez Villarreal

Directora Jurídica
Abogada egresada de la Universidad Autónoma de Querétaro de la Licenciatura en Derecho con especialidad en Derecho Privado y una Maestría en Derecho. Cuenta con diversos cursos, seminarios, talleres y diplomados principalmente en derecho administrativo, inmobiliario y empresarial. Ha participado activamente tanto en el sector público, como en el sector privado en el sector inmobiliario y corporativo general; además de participar en la construcción, adquisición, arrendamiento y financiamiento de desarrollos comerciales y de usos mixtos. Se desempeñó como Directora Jurídica en la empresa Inteligencia Urbana.

Mirshna es responsable de atender requerimientos de autoridades, dar seguimiento oportuno a los riesgos legales, así como brindar asesoría legal, respuesta y seguimiento en tiempo y forma a los asuntos legales de la Fibra.

Edgar Rodríguez Aguilera

Director de Operaciones
Ingeniero en Sistemas Computacionales egresado del Instituto Tecnológico y de Estudios Superiores de Monterrey y la Maestría en Administración en la misma institución. Se desempeñó como Director Administrativo (1995-1997) en Grupo Frisa, y desde 1997 hasta 2015 como Director de Operaciones. Ha impartido cursos a nivel Licenciatura y Diplomados en las áreas de Finanzas, Administración y Computación en el Tecnológico de Monterrey además de participar activamente en el ICSC (International Council of Shopping Center) en la elaboración de programas de capacitación y como expositor.

Edgar está a cargo del monitoreo y gestión de las operaciones de FibraShop y sus riesgos.

Juan José está a cargo de los nuevos proyectos y expansión de la Fibra.

Juan José Del Río Rodarte

Expansion Director
Mr. Del Río has been Chief Commercial Officer of our Management Subsidiary since [July 2013].  Mr. Del Río has more than 10 years of experience in the development of commercial real estate. He served as manager of the expansion department of Liverpool from 2007 to 2012 and in addition has been involved in independent residential projects.  Mr. Del Río holds a degree in Architecture from Tecnológico de Monterrey – Mexico City Campus (ITESM) and is currently completing a master’s degree in urban planning at Universidad Nacional Autónoma de México (UNAM).