Grupo Aeroportuario del Pac\u00edfico (GAP) will launch a MX$10.19 billion (US$587.66 million) Fibra E on June 25 to help finance its MX$52 billion Master Development Plan across 12 Mexican airports under concession. The capital-recycling vehicle will support major expansion projects at Guadalajara, San Jos\u00e9 del Cabo, Puerto Vallarta, and Tijuana airports, allowing GAP to fund infrastructure growth while reducing reliance on traditional debt financing. The transaction marks a significant use of alternative funding mechanisms in Mexico\u2019s transport infrastructure sector and could further strengthen the role of public capital markets in financing large-scale airport development.<\/p>\n
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Mexican airport operator Grupo Aeroportuario del Pac\u00edfico (GAP) plans to\u00a0launch<\/a> an energy and infrastructure investment trust, known as a Fibra E, on the Institutional Stock Exchange (BIVA) on June 25. The company aims to raise approximately MX$10.19 billion (US$587.66 million) through the vehicle to help fund its ongoing infrastructure commitments.\u00a0<\/p>\n The investment vehicle, identified under the ticker FGAP 26,\u00a0submitted<\/a> its placement prospectus to the exchange on May 8. The transaction contemplates the issuance of 101.95 million trust certificates. Proceeds from the offering will support the company\u2019s 2025\u20132029 Master Development Plan, which requires total investments of MX$52 billion (US$3.0 billion). GAP will use the capital to acquire a 4.2% equity interest in the 12 concessioned Mexican airports that make up its network.<\/p>\n According to the prospectus, the largest share of the proceeds will be allocated to Guadalajara International Airport, which will receive MX$3.68 billion (US$212.23 million), or 36.1% of the total offering. The Guadalajara terminal currently accounts for 32.5% of GAP\u2019s total passenger traffic. The remaining funds will be distributed among other key assets: San Jose del Cabo will receive 18.93%, Puerto Vallarta 16.67%, and Tijuana 14.78%. Combined, these three airports will receive approximately MX$5.14 billion (US$296.42 million).<\/p>\n Company executives, including CEO Ra\u00fal Revuelta, CFO Sa\u00fal Villarreal, and Head of Investor Relations Alejandra Soto, explained that the trust will hold minority stakes in eligible subsidiaries and provide recurring distributions to certificate holders. Sa\u00fal Garc\u00eda, GAP\u2019s finance director, noted that the structure retains room for future expansion up to the regulatory limit of 30% of the concessions.<\/p>\n \u201cGAP has significant infrastructure commitments over the next four years under the direction of our chief executive officer, and we seek to finance them with a balanced capital structure,\u201d company executives said during a conference call with financial analysts. Revuelta emphasized that the transaction is designed as a capital-recycling platform rather than a divestiture, ensuring that GAP remains the controlling shareholder and operator of the airports.<\/p>\n During meetings with analysts, executives faced questions regarding potential conflicts of interest, valuation discounts for the parent company, and shareholder dilution. Revuelta noted that the transaction remains subject to market conditions and could be canceled if pricing proves unfavorable. \u201cIf the price that the market sets is not appropriate, we will not issue the Fibra,\u201d Revuelta said.<\/p>\n The transaction follows other recent financing initiatives by the company. In April, GAP placed MX$10.72 billion (US$618.22 million) in certificates under an authorized MX$50 billion (US$2.88 billion) debt program. Separately, the company raised MX$12.30 billion (US$709.34 million) on the Mexican Stock Exchange (BMV) to acquire an additional stake in Cross Border Xpress (CBX), the cross-border terminal connecting Tijuana with the United States.<\/p>\n With this issuance, GAP joins other infrastructure operators that have used the capital markets to monetize assets, including Xinfra Fibra E and Fibra Infraestructura y Energ\u00eda M\u00e9xico. BBVA and Santander are acting as joint bookrunners for the transaction, Monex will serve as the common representative, and Grupo Financiero Actinver will act as trustee.<\/p>\n Aeronautical Revenue Drives 2025 Financial Results<\/p>\n The Fibra E issuance follows a period of strong financial performance across GAP\u2019s airport network during fiscal year 2025. The company\u00a0reported<\/a> a 23.2% increase in total revenue, reaching US$2.44 billion in 2025, compared with US$1.98 billion in 2024.<\/p>\n Management attributed the growth primarily to higher aeronautical revenue in Mexico, driven by tariff increases approved under the 2025\u20132029 regulatory framework. The expansion of domestic and international routes also supported passenger traffic growth across the network.<\/p>\n In its fourth-quarter 2025 results, GAP stated that gains in aeronautical revenue under the updated tariff structure more than offset temporary weather-related disruptions at its airports in Montego Bay and Kingston, Jamaica.<\/p>\n Capital Expenditures Plan Outlines 2026 Infrastructure Goals<\/p>\n