Provisions in Mexico's new fiscal law could spell the development of the REIT, or something analogous to the popular U.S. vehicle, sources said. While deeply entrenched to the north of Rio Grande, real estate investment trusts have yet to materialize in Mexico. That may soon change, though no one is offering a timetable.

"There are now two incentives with the law that passed in December," said Manuel Tamez, tax associate at Mexico City-based law firm Mijares, Angoitia, Cortes & Fuentes.

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