Mexico's airports set for $2.3B upgrade as GAP launches new funding trust

Pacific Airport Group (GAP) is moving forward with plans to upgrade Mexico’s airport infrastructure. The company has launched a process to create an irrevocable trust for issuing Fiduciary Investment Certificates in Energy and Infrastructure (FIBRA GAP). This step aims to secure funding for a major expansion programme set to run from 2026 to 2029.

The initiative also includes a bid to acquire a minority stake in the 12 airport concessionaires currently operated by GAP across the country. The funding from FIBRA GAP will support GAP’s Master Development Plan, which requires an investment of around 40 billion pesos. The plan outlines significant upgrades to airport facilities over the next five years. These include a 60% expansion of passenger terminals and a 35% increase in inspection points and access routes. Additionally, aircraft parking positions will rise by 25%, while runway capacity will grow by 10%.

The new financial structure will work alongside GAP’s existing stock exchange certificates, which have been in place since 2015. By diversifying funding sources, the company intends to accelerate infrastructure improvements without relying solely on traditional financing methods.

Beyond physical upgrades, the investments are expected to create jobs and stimulate local economies. The expansion projects will generate both direct and indirect employment opportunities, contributing to broader economic growth in the regions surrounding the airports. The first issuance of FIBRA GAP certificates will provide essential capital for the Master Development Plan. If successful, the upgrades will enhance airport operations, increase capacity, and support long-term economic benefits. The minority stake acquisition in GAP’s concessionaires will further strengthen the company’s role in Mexico’s aviation sector.