Mexico's Asur increases stake in Puerto Rico's main airport

Mexican private airport operator Asur has increased its stake in Aerostar Airport Holdings, the privately held company that operates Puerto Rico's main airport, Asur said in a release.

The US$430mn transaction involves 50% of Aerostar's shares from funds managed by Oaktree Capital Management and was made jointly with Canadian pension fund PSP Investments.

As a result, Asur, which already owned 50% of Aerostar, increased its interest to 60% while PSP Investments acquired the remaining 40%.

"We are hoping to work very closely with [PSP's] AviAlliance to continue improving operations and customer service, benefitting passengers of the Luis Muñoz Marin international airport in the long term," said Asur CEO Adolfo Castro.

The transaction has received all relevant authorizations, according to the Mexican operator.

PSP Investments manages contributions to the pension funds from Canada's federal civil service, the country's armed forces, the Royal Mounted Police and the reserve force. In 2013, the pension fund acquired AviAlliance, one of the world's leading industrial airport investors and managers.

San Juan's Luis Muñoz International is the only major airport in US territories completely run by a private operator. In 2012, Aerostar, at the time owned by ASUR and Highstar Capital, was awarded a 40-year lease agreement to operate the airport through a public-private partnership with the government of Puerto Rico.

IN PICTURE: San Juan's Luis Muñoz Marín international airport