India – Mar 30/18 – Fairfax India Poised to Assume Control of Bangalore Airport Concession Company
Fairfax India Holdings has moved to acquire a further 6% of the Bangalore International Airport concession company from Siemens, one of the original investors in the venture, for USD67m, subject to the usual closing conditions and consents. The purchase is expected to transact by mid-year upon which Fairfax will have a controlling stake in the company, increasing from 48% to 54%. The concession commenced in 2008 and runs to 2038, with an option for extension to 2068.
United States – Mar 29/18 – JetBlue Awards Key Contracts to Vantage & Fraport for Upgrade of JFK’s T5
JetBlue, operator and primary user of New York’s JFK Terminal 5 (T5), has given Vantage Airport Group and RXR Realty the nod to lead a comprehensive multibillion-dollar expansion of the facility. Currently T5 operates 29 narrow-body gates, however the works could see the addition of 12 gates for larger gauged aircraft. Earlier in the month, JetBlue also announced plans to bring Fraport USA onboard to manage and develop the T5 commercial program including retail, food and beverage.
Bulgaria – Mar 28/18 – China’s HNA Group Extending Reach into Europe with Plovdiv Airport Deal
The Bulgarian transport ministry has signed a 35-year concession agreement with a private investor group led by China-based HNA. The deal, which should be sealed by mid-year, includes the commitment to at least USD$97.8m in capital investment.
United States – Mar 22/18 – New U.S. Infrastructure Plan Ponders Privatization of Reagan & Dulles National Airports
The much-touted Trump infrastructure plan contained an intriguing tidbit vis-à-vis airport privatization. The administration is pondering privatization of the two Washington, D.C. area national airports, Dulles and Reagan. Although details on the plan are still sketchy the stated aim is to avoid “sub-optimal investment decisions” by putting these assets under private control.
United Kingdom – Mar 20/18 – Ardian Preparing to Sell its Minority Stake in London-Luton
French private equity firm Ardian has engaged Rothschild to assist in preparing its 49% stake in London-Luton Airport for sale at an expected value of at least USD$400m. Luton, the UK’s fifth busiest airport, is controlled by Spanish airport operator Aena which holds 51% of the operating company it purchased from Abertis for USD508m in 2013.
Japan – Mar 15/18 – ADP Pre-positions to Bid on Japan’s Hokkaido Bundle of Seven Airports
ADP International is reported to be pre-positioning to bid for the concession and operating rights for the New Chitose International airport in Sapporo, along with a package of six smaller airport on Japan’s northern island of Hokkaido. ADP’s likely local partners include Japanese trading houses, property developers and local Hokkaido-based firms.
Philippines – Mar 11/18 – Heavy Hitters Line Up for Rights to Upgrade Manila’s Ninoy Aquino Airport
Suitors are lining for the right to transform Manila’s beleaguered Ninoy Aquino International Airport which has suffered for many years with outdated and congested facilities, reflected by their abysmal world airport service rankings. Groups vying for the project include a “super consortium” comprised of Aboitiz, AC Infrastructure, Alliance Global, AEDC, Filinvest, JG Summit and Metro Pacific, as well as the Megawide-GMR consortium, private operators/developers of the Mactan Cebu Airport.
Brazil – Mar 08/18 – Infraero Balks on Paying Its Share of Capital Investment in Belo Horizonte Airport
Brazilian state airport operator and government-imposed investor Infraero has refused to invest its share of capital into the Belo Horizonte airport concession company, in a stand-off with its private partners. Per the airport company’s 2018 budget, Infraero was expected to contribute US$12.1m to the Belo Horizonte annual capital program.
Turkey – Mar 06/18 – ADP & TAV Make Parallel Moves to Acquire Stakes in Antalya’s Airport Concession Company
In separate back-to-back moves, earlier in the month TAV Airports announced purchase of 49% of IC ictas which holds a 49% stake in ICF Antalya, while Groupe ADP went public shortly thereafter regarding its agreement to buy a 49% ICF Antalya. According to the purchase agreement TAV will have 50% dividend rights and co-control of the company.
Myanmar – Mar 01/18 – Hanthawaddy Airport Project Set for 2020 Completion
The new Hanthawaddy Airport is targeted for opening in 2020, at which time all international flights will be relocated from the existing Yangon Airport. A consortium including Changi (Singapore) and JGC Corporation (Japan) secured rights to the project back in 2014 for design, construction and management under a PPP framework.