Grupo Aeroportuario del Pacífico (GAP) will seek to raise approximately 10.2 billion pesos (mdp) through the Fibra E financial instrument , which represents approximately 4.2% of the market value of the concessionaire of 12 airports in Mexico.
The resources would be used primarily to continue the investments contemplated in the 2026–2029 Master Development Program , as well as to maintain financial flexibility within the company’s capital structure.
According to stock market analysis by VALMEX Casa de Bolsa , these details were revealed by GAP during a call held on May 18, where they ruled out participation in the CBX and the Jamaican airports. However, they explained that the REIT will receive both aeronautical and non-aeronautical revenues from these terminals.
He noted that the concessionaire significantly increased the size of its Master Development Program compared to the previous period, with the Guadalajara airport receiving approximately 43.7% of the planned investments, Tijuana 18.5%, and Los Cabos roughly 13%. Overall, GAP expects to increase its total capacity by approximately 58% by 2029, as a result of these investments.
“With this strategy, GAP seeks to strengthen its liquidity and optimize its capital structure , reducing the pressure on its debt level, highlighting that GAP currently has a level of leverage that we do not consider high, which is on average above the other airport groups,” said Sebastián Martínez Reyes, analyst at VALMEX Casa de Bolsa.
He indicated that in the first quarter of the year, GAP maintained positive momentum , with an increase of over 9.3% in aeronautical revenues due to higher airport fees and over 10.7% in non-aeronautical revenues. However, traffic has shown a negative trend throughout 2026, pressured by both domestic and international operations.
Despite this, he noted that the aeronautical outlook remains favorable , mainly explained by an increase in national and international connectivity, and greater investment in aircraft by airlines.
“We believe the news could have a positive impact on the issuer, as it allows it to diversify its sources of financing, optimize its capital structure, and maintain flexibility to continue executing its expansion plan without generating additional pressure on its leverage level,” he emphasized.
It is worth remembering that at the beginning of the month, GAP began the process for the possible constitution of an Irrevocable Trust for the Issuance of Trust Securities for Investment in Energy and Infrastructure (FIBRA GAP) , with the objective of subscribing to a minority stake in the share capital of its 12 airports.
With the first issuance of FIBRA GAP, the company seeks to obtain resources that will allow it to complement the execution of the Master Development Program for the period 2026–2029, which contemplates investments of approximately 40 billion pesos .
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