Wednesday, February 8, 2023

Parent Company increases ownership in San Juan Airport Operator 

By on May 30, 2017

An aerial view of Luis Muñoz Marín International Airport is seen in this screenshot of http://aeropuertosju.com.

SAN JUAN – Grupo Aeroportuario del Sureste (ASUR), the first privatized airport group in Mexico—a joint venture partner in Aerostar Airport Holdings, operator of the Luis Muñoz Marín International Airport in San Juan—and operator of Cancún Airport and eight other airports in southeast Mexico, as well as the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, announced Tuesday morning their collective acquisition of a 50% interest in Aerostar.

They acquired the interest from funds managed by Oaktree Capital Management. Aerostar has been the operator of the Muñoz Marín Airport since Feb. 27, 2013.

ASUR, already a 50% shareholder in Aerostar, acquired an additional 10%, consolidating its total interest to 60%, while PSP Investments acquired a 40% interest in Aerostar. This represents a combined investment of $430 million.

“We are extremely pleased to increase our participation in San Juan Airport,” ASUR CEO Adolfo Castro Rivas said in the announcing release. “ASUR is committed to continuing to offer world-class service to all of its customers. We look forward to working closely with AviAlliance to provide further enhancements to operations and customer service, to benefit LLM’s passengers for the long term.”

AviAlliance is a private industrial airport platform with holdings in the Athens, Budapest, Düsseldorf and Hamburg European airports.

“This acquisition is an excellent fit with PSP Investments’ long-term investment philosophy and leverages the capabilities of AviAlliance, our airport platform,” said Patrick Charbonneau, Managing Director, Infrastructure Investments, PSP Investments. “We look forward to complementing ASUR’s expertise with that of AviAlliance, to develop a constructive and lasting partnership dedicated to delivering best-in-class operations at San Juan Airport.”

“Our goal is to strengthen the operational quality and service level of the San Juan Airport, further supporting the continued economic development and potential of the San Juan area,” said Holger Linkweiler, Managing Director, AviAlliance.

PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Armed Forces, the Royal Canadian Mounted Police and the Reserve Force.

Muñoz Marín Airport is the largest and busiest airport in the Caribbean. Nine million passengers used it in 2016. It the only major airport in the United States to have completed a public–private partnership under the Federal Aviation Administration Pilot Program. Aerostar was granted a 40-year lease agreement to operate it.

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