Press release
PSP Investments and ASUR acquire 50% stake in Aerostar, operator of San Juan Airport
30.05.2017
Press release PSP Investments
Montréal, Canada (May 30, 2017) —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), today announced the acquisition of a 50%
interest in Aerostar Airport Holdings LLC (“Aerostar”). They acquired
the interest from funds managed by Oaktree Capital Management, L.P.
(“Oaktree”). Aerostar has been the operator of the Luis Muñoz Marín
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 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.”
“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.
“As a value-added infrastructure investor,
we always seek to create sustainable, long-term organizations that can
thrive well beyond our ownership,” added Emmett McCann, Co-Portfolio
Manager of Oaktree’s Infrastructure Investing strategy, specializing in
the transportation sector. “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.”
About the San Juan Airport
The
Luis Muñoz Marín International Airport is the largest and busiest
airport in the Caribbean, welcoming approximately 9 million 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 Muñoz Marín International Airport, expiring in 2053.
About ASUR
Grupo
Aeroportuario del Sureste, S.A.B. de C.V. (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 Muñoz
Marín International Airport in San Juan, Puerto Rico. The Company is
listed both on the Mexican Bolsa, where it trades under the symbol ASUR,
and on the NYSE in the U.S., where it trades under the symbol ASR. One
ADS represents ten (10) series B shares. For more information, visit
www.asur.com.mx
About PSP Investments
The
Public Sector Pension Investment Board (PSP Investments) is one of
Canada's largest pension investment managers with C$125.8 billion of net
assets under management as at September 30, 2016. It 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 Montréal and offices in New York and London. For more
information, visit investpsp.com or follow Twitter @InvestPSP.
About AviAlliance
AviAlliance
is one of the world’s leading private industrial airport platforms with
a portfolio composed of shareholdings in 4 European airports: Athens,
Budapest, Düsseldorf and Hamburg airports. In 2016, these airports
handled 71.2 million passengers. In 2013, PSP Investments completed the
acquisition of HOCHTIEF AirPort, which was rebranded as AviAlliance
shortly following the transaction. Additional information is available
online at www.avialliance.com
About Oaktree
Oaktree
is a leader among global investment managers specializing in
alternative investments, with $100 billion in assets under management as
of March 31, 2017. The firm emphasizes an opportunistic, value-oriented
and risk-controlled approach to investments in distressed debt,
corporate debt (including high yield debt and senior loans), control
investing, convertible securities, real estate and listed equities.
Headquartered in Los Angeles, the firm has over 900 employees and
offices in 18 cities worldwide. For additional information, please visit
Oaktree’s website at http://www.oaktreecapital.com/.