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NEWS Last modified on May 30, 2017

Oaktree sells its stake in Puerto Rican gateway to ASUR and Canada's PSP Investments

Public Sector Pension Investment Board (PSP Investments) and Grupo Aeroportuario del Sureste (ASUR) today announced the acquisition of a 50% interest in Aerostar Airport Holdings LLC, operator of Luis Muñoz Marín International Airport in San Juan, Puerto Rico.

PSP Investments – one of Canada’s largest pension investment managers – owns global airport operator AviAlliance.

Today’s deal saw PSP Investments and ASUR acquire 40% and 10% stakes respectively in Aerostar from funds managed by Oaktree Capital Management, L.P. (Oaktree) for a combined fee of $430 million.

Mexican based airport operator, ASUR, now holds a controlling 60% interest in Aerostar, which holds a 40-year concession for Luis Muñoz Marín International Airport, which it has operated since February 27, 2013.
ASUR is the first privatised airport group in Mexico, and operator of Cancun Airport and eight other airports in southeast Mexico. The transaction has received all required regulatory approvals.

Following the finalising 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,” says ASUR CEO, Adolfo Castro Rivas.

“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.”

PSP Investment’s managing director for infrastructure investments, Patrick Charbonneau, says: “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 of AviAlliance, enthuses: “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.”

Speaking on behalf of Oaktree, co-portfolio manager, Emmett McCann, notes: “As a value-added infrastructure investor, we always seek to create sustainable, long-term organisations 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.” 

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