PSP Investments, ASUR acquire 50% stake in Aerostar, operator of San Juan Airport.
BANKING AND CREDIT NEWS-June 1, 2017-PSP Investments, ASUR acquire 50% stake in Aerostar, operator of San Juan Airport
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The Public Sector Pension Investment Board ("PSP Investments"), one of Canada's largest pension investment managers, and Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) (ASUR), have acquired a 50% interest in Aerostar Airport Holdings LLC ("Aerostar"), the company said.
They acquired the interest from funds managed by Oaktree Capital Management, L.P. ("Oaktree"). Aerostar has been the operator of the Luis Munoz Marin International Airport in San Juan, Puerto Rico ("San Juan Airport") 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 USD 430m. 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.
The Luis Munoz Marin International Airport is the largest and busiest airport in the Caribbean, welcoming approximately 9m passengers in 2016. It serves the capital of Puerto Rico, San Juan, and represents the island's primary gateway for international and mainland-US destinations.
The San Juan Airport was the first, and is currently the only, major airport in the US to have successfully completed a public--private partnership under the FAA Pilot Program. In 2013, Aerostar was granted a 40-year long-term lease agreement to operate the Luis Munoz Marin International Airport, expiring in 2053.
ASUR is a Mexican airport operator with concessions to operate, maintain and develop the airports of Cancun, Merida, Cozumel, Villahermosa, Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlan in the southeast of Mexico, as well as a 60% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Munoz Marin International Airport in San Juan, Puerto Rico.
PSP Investments manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, 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. Headquartered in Ottawa, PSP Investments has its principal business office in Montreal and offices in New York and London.
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