Release Date:
Release ID: 867

Fraport Acquires Majority Stake in Lima Airport

Fraport A shareholder in the international airport in Peru's capital of Lima since 2001, Fraport AG has increased its stake in the airport operating company from 42.75 to 100 percent. However, a portion of the airport shares will subsequently be sold to other partners, whereby Fraport as announced will retain at least 60 percent.

Serving as Peru's gateway to the world, Lima Airport welcomed about six million passengers in 2006. It recorded double-digit growth in the first half of 2007 (approximately 25 percent). When Fraport entered the Peruvian market in 2001 the airport only had about four million passengers.

The Lima Airport Partners (LAP) company has already invested about 150 million in modernizing and expanding the passenger terminal as well as improving airside infrastructure. The airport concession runs for 30 years with an option to extend. From the beginning, Fraport assumed the contractual role of airport manager and is responsbile particularly for operations, security, planning and maintenance.

Fraport and its two partners won the Lima international airport bid in the autumn of 2000. Along with Fraport's 42.75 percent share, U.S. construction company Bechtel initially held 42.75 percent and Peru's Cosapi the remaining 14.5 percent. The consortium took over the operation of Lima Airport on February 14, 2001.

In 2002, Bechtel acquired Cosapi's share and bundled this with its own stake into Alterra Lima Holdings in which the Singapore-based airport operator Changi also held shares. A change in strategy has now led the U.S. construction giant to depart from the airport business.

With the acquisition of Alterra Lima Holdings' 57.25 percent stake, Fraport now owns all of the Lima Airport shares. Up to a maximum of 40 percent of the shares will be sold to Peruvian investors and the World Bank investment fund (IFC), whereby Fraport will retain at least 60 percent over the long term. Lima Airport is considered to be a success-oriented investment in an interesting growth market.

In 2006, LAP had revenues of about 80 million and the EBITDA (earnings before interest, tax, depreciation and amortization) reached almost 20 million. Employment climbed to 420.
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