ASUR secures agreement for purchasing retail concessions at significant terminals at New York JFK, Los Angeles LAX, and Chicago ORD airports from URW at these three major airports.
In a significant move, Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) and Unibail-Rodamco-Westfield (URW) have announced a purchase agreement. According to the terms, ASUR's subsidiary, ASUR US Commercial Airports, LLC, will acquire all of the issued and outstanding equity interest of URW Airports, LLC for $295 million USD.
ASUR, a leading international airport operator with a portfolio of 16 airports in the Americas, is expanding its footprint with this acquisition. The acquired business manages commercial programs at several U.S. airports, including Los Angeles International Airport, Chicago O'Hare International Airport, and John F. Kennedy International Airport. These shopping centres attract over 900 million visits annually.
URW, on the other hand, operates 67 shopping centres in 11 countries, including 39 under the Westfield brand. The company benefits from a BBB+ rating from Standard & Poor's and a Baa2 rating from Moody's. URW's commitments are enhanced by the Group's Better Places plan, which is focused on urban regeneration projects and industry-leading sustainability standards.
The closing of the transaction is expected to occur during the second half of 2025, subject to customary conditions precedent. ASUR is funding the transaction with cash on hand and has secured debt financing from JPMorgan Chase Bank, N.A. J.P. Morgan Securities, LLC is serving as exclusive financial advisor to ASUR, while RBC Capital Markets, LLC is serving as exclusive financial advisor to URW.
Cleary Gottlieb Steen & Hamilton LLP is serving as legal advisor to ASUR, and Debevoise & Plimpton LLP is serving as legal advisor to URW.
URW's stapled shares are listed on Euronext Paris (Ticker: URW) and have a secondary listing in Australia. The company has a portfolio of high-quality offices, 10 convention and exhibition venues in Paris, and a €3.5 Bn development pipeline of mainly mixed-use assets. As of December 31, 2024, URW's portfolio is 87% in retail, 6% in offices, 5% in convention and exhibition venues, and 2% in services.
For more information, visit www.urw.com.
This strategic expansion by ASUR into the U.S. airport retail concessions market is expected to strengthen both companies' positions in the global airport retail sector.
