ASUR secures agreement to buy URW's retail concessions at significant terminals at New York JFK, Los Angeles LAX, and Chicago ORD airports.
In a significant move, Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR), a leading international airport operator, has announced its acquisition of Unibail-Rodamco-Westfield (URW) Airports. The purchase agreement, valued at $295 million USD, marks ASUR's strategic expansion into the U.S. airport retail concessions market.
URW operates 67 shopping centres in 11 countries, including 39 under the Westfield brand. The acquired business manages select commercial programs at U.S. airports, such as Los Angeles International Airport, Chicago O'Hare International Airport, and John F. Kennedy International Airport. URW's shopping centres attract over 900 million visits annually, underscoring the potential of this acquisition.
ASUR's subsidiary, ASUR US Commercial Airports, LLC, will be the buyer. J.P. Morgan Securities, LLC is serving as exclusive financial advisor to ASUR, while RBC Capital Markets, LLC is advising URW.
ASUR is funding the transaction with cash on hand and has secured debt financing from JPMorgan Chase Bank, N.A. to maintain liquidity. ASUR's subsidiary, Aeropuerto de Cancún, S.A. de C.V., has provided a parent guarantee for the buyer's obligations under the purchase agreement.
The acquisition aligns with URW's commitment to urban regeneration projects and industry-leading sustainability standards. URW's portfolio includes high-quality offices, 10 convention and exhibition venues in Paris, and a €3.5 Bn development pipeline of mainly mixed-use assets. The company's stapled shares are listed on Euronext Paris (Ticker: URW) and have a secondary listing in Australia.
URW's commitments are further enhanced by the Better Places plan, aiming for a positive environmental, social, and economic impact. For more information, please visit www.urw.com.
The closing of the transaction is expected to occur during the second half of 2025, subject to customary conditions precedent. 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.
This acquisition represents a significant step for both ASUR and URW, promising growth and opportunities in the airport retail concessions market.
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