Grupo Aeroportuario del Pacífico, operator of 12 airports in Mexico, initiated a process to create a new infrastructure investment trust that will seek to fund a Ps. 40.0 billion capital expenditure plan by monetizing a minority stake in its core concessions.
"The investment made by FIBRA GAP in the airports will represent an additional source of funds to invest in airport infrastructure," the company said in its official announcement, signaling a strategic shift in how it finances growth.
The plan, part of the Master Development Program for 2026-2029, targets a 60 percent increase in terminal space, a 35 percent expansion of inspection points, and a 25 percent increase in aircraft parking positions across its network. The capital injection will also fund a 10 percent increase in airside infrastructure.
The creation of the FIBRA GAP allows the airport group to tap equity markets for infrastructure funding without diluting shareholders at the parent company level, potentially setting a new valuation benchmark for privatized airport assets in Latin America while complementing its existing debt financing strategies used since 2015.
Unlocking Asset Value
The move to establish a FIBRA—a Mexican investment vehicle analogous to a Real Estate Investment Trust (REIT) in the U.S.—is a significant financial maneuver for Grupo Aeroportuario del Pacífico (NYSE: PAC). By selling a minority interest of its 12 airport concessions into the trust, the company can attract a different class of investor—those seeking stable, long-term cash flows from infrastructure assets, which often trade at a premium.
The Ps. 40.0 billion (approximately $2.4 billion) targeted for the 2026-2029 Master Development Program represents a substantial upgrade to critical tourism and business hubs. The company operates airports in major cities like Guadalajara and Tijuana, and key tourist destinations including Puerto Vallarta and Los Cabos. These investments are designed to boost capacity and efficiency, contributing to economic development through job creation and multiplier effects on regional investment.
A Hybrid Financing Model
This strategy does not replace but rather enhances GAP's existing financing structure. The company has utilized debt securities issuances since 2015 and views the FIBRA as a complementary source of capital. This hybrid approach provides greater financial flexibility, allowing the company to optimize its cost of capital by tapping both debt and equity markets as conditions warrant.
The success of FIBRA GAP could pave the way for other infrastructure operators in Mexico and across Latin America to adopt similar models. By separating the asset ownership from the operations in a publicly-traded vehicle, companies can realize the underlying value of their infrastructure, fund large-scale capital projects, and maintain operational control. Investors, in turn, gain direct exposure to the performance of these specific assets. GAP's portfolio also includes operations at two airports in Jamaica, though the FIBRA is focused on its 12 Mexican concessions.
This article is for informational purposes only and does not constitute investment advice.
