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Aerostar Airport Holdings wins Puerto Rica airport contract

Aerostar Airport Holdings, LLC has been chosen by the Puerto Rican government to operate and lease the Luis Munoz Marin (LMM) International Airport for 40 years as a public-private partnership (PPP).

The company, which is a joint venture between Highstar Capital, an infrastructure investment firm, and Mexican airport management firm Grupo Aeroportario del Sureste, S.A.B. de C.V., was selected following a competitive bidding process.

"We are honored to be selected by Governor Luis Fortuno to be partners in the effort to improve efficiency and profitability at LMM International Airport," said Agustin Arellano Rodriguez, President of Aerostar. "We are committed to taking LMM to the next level to better serve the people of Puerto Rico and strengthen Puerto Rico's standing as a top tourism destination. Importantly, through this agreement all existing airport jobs will be preserved and future infrastructure investments will lead to further job creation in the years to come."

Over the course of the concession, Aerostar will invest US$1.4 billion (£890 million) in capital improvements, including an upfront US$615 million (£391 million) leasehold fee, with the goal of improving aviation services and passenger experience while creating crucial jobs for Puerto Rico.

In partnership with the Puerto Rico Ports Authority, Aerostar will ensure all existing workers' jobs and benefits will be maintained. The Puerto Rican government has indicated that it estimates that it will receive over US$2.6 billion (£1.65 billion) in revenues and other benefits from the PPP over the life of the lease.

The closing of the lease remains subject to a number of conditions precedent, including the award of a Part 139 operating certificate by the Federal Aviation Authority.

July 20, 2012





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