MEXICO CITY, July 24, 2012
/PRNewswire/ -- Grupo Aeroportuario del Sureste, S.A.B.
de C.V. (NYSE: ASR; BMV: ASUR), (ASUR) the first privatized
airport group in Mexico and
operator of Cancun Airport and eight other airports in southeast
Mexico, today announced that
Aerostar Airport Holdings ("Aerostar") signed a lease agreement
(the "Lease Agreement") today for the Luis Munoz Marin
international airport in San Juan, Puerto
Rico ("LMM Airport") with the Puerto Rico Ports Authority
(the "PRPA"). Aerostar won the right to enter into the Lease
Agreement following a public bidding process in which the Puerto
Rico Public-Private Partnership Committee ("Puerto Rico P3 Committee") declared Aerostar
the winner on July 19, 2012.
Aerostar is a limited liability company owned 50% by each of ASUR
(through its Cancun Airport subsidiary) and Highstar Capital
IV.
The closing of the Lease Agreement is subject to a number of
conditions precedent, including approval of the Lease Agreement and
the award of a Part 139 operating certificate by the U.S. Federal
Aviation Administration ("FAA"), the accuracy of representations
and warranties made by the PRPA in the Lease Agreement, certain
other governmental approvals, and other customary conditions
precedent. Aerostar expects to submit an application for FAA
approval shortly.
The Lease Agreement has a term of 40 years and involves an
upfront payment of $615 million,
which is expected to be funded by a mixture of debt financing
incurred by Aerostar and equity contributions by each of ASUR
(through its Cancun Airport subsidiary) and Highstar Capital
IV. During the term of the Lease Agreement, Aerostar will be
required to make annual revenue-sharing payments to the PRPA, fixed
at $2.5 million per year for the
first five years, 5% of gross airport revenues for the sixth
through the thirtieth years and 10% of gross airport revenues for
the thirty-first through fortieth years. The Lease Agreement
also requires Aerostar to make certain repairs and minor structural
upgrades to LMM Airport, such as replacing broken floors and
installing Wi-Fi connectivity in the terminals, within 18 months of
the closing of the Lease Agreement, and to reimburse the PRPA for
certain fire and police services that will continue to be provided
by the PRPA.
The Lease Agreement includes a form of use agreement to be
entered into by Aerostar and each airline serving LMM Airport,
which was negotiated and agreed among Aerostar, the PRPA and the
airlines during the public bidding process (the "Use
Agreement"). Pursuant to the Use Agreement, the airlines
serving LMM Airport will collectively make aggregate payments of
$62 million per year for landing,
parking and terminal fees and fees for "exclusive use space" in the
first five years of the lease, regardless of the level of passenger
traffic. Beginning in the sixth year, the $62 million annual aggregate payment will be
increased annually by the U.S. consumer price index. These
fees will be allocated on a yearly basis among the airlines based
on passenger traffic, landing weight, parking time and the amount
of "exclusive use space" used by each airline. The Use
Agreement also requires Aerostar to contribute $6 million to a "Puerto Rico Air Travel Promotion
and Support Fund" to be allocated among airlines who increase
passenger traffic to LMM Airport in the first three years of the
lease. Furthermore, Aerostar will be required by the Use
Agreement to contribute at least $34
million to certain capital improvement projects at LMM
Airport, which will be required to be completed on a schedule to be
mutually agreed among Aerostar and the airlines. A separate
Use Agreement is expected to be executed with each airline serving
LMM Airport concurrently with the closing of the Lease
Agreement.
In addition to the revenues collected pursuant to the Use
Agreements, the Lease Agreement provides that Aerostar will be
entitled to operate and collect all other revenues in connection
with the LMM Airport, including revenues from commercial
concessionaires. With the exception of certain utility charges
and charges limited by law, these revenues are not capped by the
Lease Agreement or the Use Agreements. Aerostar will also be
entitled to collect passenger facility charges and government
grants-in-aid, which can be used to fund capital projects at LMM
Airport.
Furthermore, the Lease Agreement contains an "adverse action"
clause, which provides for payments by the PRPA to Aerostar in the
event that any Puerto Rico
governmental authority takes an action that is expected to be
principally borne by Aerostar, private operators of comparable
public airports or certain other classes of parties and that has a
material and adverse effect on Aerostar's lease interest in LMM
Airport. Payments to Aerostar as a result of an "adverse
action" are guaranteed by the Government Development Bank of
Puerto Rico.
The text of the Lease and Use Agreements is available at the
website of the Puerto Rico P3
Committee at http://www.app.gobierno.pr/?page_id=121. ASUR
continues to evaluate the accounting treatment of its investment in
Aerostar.
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. The Company is listed both on the NYSE
in the U.S., where it trades under the symbol ASR, and on the
Mexican Bolsa, where it trades under the symbol ASUR. One ADS
represents ten (10) series B shares.
Some of the statements contained in this press release
discuss future expectations or state other forward-looking
information. Those statements are subject to risks identified in
this press release and in ASUR's filings with the SEC. Actual
developments could differ significantly from those contemplated in
these forward-looking statements. The forward-looking information
is based on various factors and was derived using numerous
assumptions. Our forward-looking statements speak only as of the
date they are made and, except as may be required by applicable
law, we do not have an obligation to update or revise them, whether
as a result of new information, future or otherwise.
SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.