PSP Investments, a Canadian pension investment managers, and Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR), have completed the acquisition of a 50% interest in Aerostar Airport Holdings LLC.
They acquired the interest from funds managed by Oaktree Capital Management, L.P. Aerostar has been the operator of the Luis Muñoz Marín International Airport in San Juan, Puerto Rico since February 27, 2013.
PSP Investments acquired a 40% interest in Aerostar while ASUR, already a 50% shareholder in Aerostar, acquired an additional 10%, consolidating its total interest to 60%. This represents a combined investment of US$430 million.
ASUR is the first privatized airport group in Mexico, and operator of Cancun Airport and eight other airports in southeast Mexico. This transaction has received all required regulatory approvals.
Following the finalizing of the acquisition, ASUR expects to consolidate Aerostar’s results into its financial statements.
“We are extremely pleased to increase our participation in San Juan Airport,” said Adolfo Castro Rivas, Chief Executive Officer of ASUR. “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 Puerto Rico for the long term.”
Patrick Charbonneau, Managing Director, Infrastructure Investments, PSP Investments, said:
“This acquisition is an excellent fit with PSP Investments’ long-term investment philosophy and leverages the capabilities of AviAlliance, our airport platform. 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.”
Holger Linkweiler, Managing Director, AviAlliance, stated:
“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.”
Emmett McCann, Co-Portfolio Manager of Oaktree’s Infrastructure Investing strategy, specializing in the transportation sector, added:
“As a value-added infrastructure investor, we always seek to create sustainable, long-term organizations that can thrive well beyond our ownership. Having worked with our partner, ASUR, to successfully complete our Capacity Enhancement Plan, build a strong management team, significantly improve the operations of Aerostar and, most importantly, manage a safe and secure airport, we are thrilled to hand our ownership stake over to ASUR and a world-class, long-term investor like PSP Investments.”