Aerostar Airport Holdings has received approval for a $2.6 billion, 40-year lease concession for Puerto Rico’s San Juan Luis Munoz Marin International Airport. Puerto Rico’s Governor Alejandro Garcia Padilla approval cleared the way for turning over the airport to the private company.
Once the agreement goes into effect, San Juan’s international airport will become the first major US airport to be operated by a private consortium.
The airport deal includes a new airline fee schedule with flat costs for the first five years followed by increased costs linked to the annual US consumer price inflation rate for the next 10 years. Additionally, Aerostar will begin $240 million in infrastructure upgrades. The agreement includes a $585 million revenue sharing arrangement with the Puerto Rico Ports Authority.
Aerostar Airport Holdings is a joint venture of Mexican airport operator Aeroportuario del Sureste (ASUR) and US-based infrastructure fund Highstar Capital.
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San Juan takes off with first major US airport concession