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Steer Davies Gleave supported Aerostar Airport Holdings, LLC (a consortium comprising US-based infrastructure investment firm Highstar Capital and Mexican airports operator, ASUR) in its successful bid for Luis Munoz Marin Airport at San Juan in Puerto Rico.
The project reached financial close in the first quarter of 2013. We undertook a lenders advisory role during 2012/13 for the winning consortium, focusing on traffic and revenue (aeronautical, non-aeronautical) issues.
In a recent report published by the Confederation of British Industry (CBI), they identified that the UK risks missing out on billions of pounds in trade unless it boosts direct flights to the fastest growing world economies. The new analysis reveals that by adding just one additional daily flight to each of the eight largest high-growth markets would increase UK trade by as much as £1billion a year, with every increase in 1000 passengers generating up to £920,000 in new business.
In times of financial crisis an airport transaction can provide governments with a much-needed and considerable influx of cash. It is any wonder that 2012 has seen so many?
Over the last year Steer Davies Gleave’s airport transactions team has been busy with a variety of projects undertaken in Europe, Africa, North and South America.
Heathrow Airport owner Ferrovial Aeropuertos recently announced the £1.5 billion sale of London Stansted airport to the Manchester Airports Group (MAG) and its partner IFM (Industry Funds Management).
Steer Davies Gleave provided commercial advisory support to Ferrovial through this transaction, developing independent projections across the range of areas covered by the Stansted Airport business plan.
With 26,000 flights in Europe’s sky every day and passenger numbers forecast to grow by up to 4.5% annually, airport capacity is reaching saturation, causing congestion and delays.