August 20, 2012 

Luis Muñoz Marín International Airport
1 

Overview of Public-Private Partnership

Who We Are

Our Experience

Our Leadership

Public Benefits

PRPA Benefits

SJU Challenges

Aerostar’s Vision for SJU

Financing
2 

Who We Are

Supported by an experienced team of advisors

Aerostar Airport Holdings LLC (“Aerostar”) is a 50/50 joint venture between Grupo Aeroportuario del 

Sureste (“ASUR”; NYSE:ASR) and Highstar Capital 
Our Experience

• Based in New York

• Proven and disciplined infrastructure investor founded 

in 1998

– Over $1.4bn to invest, not including significant coinvestment capacity from Highstar limited partners

• Owns LCY, one of the UK’s leading business airports

• Award-winning PPP with Ports America Chesapeake 

and the Port of Baltimore at the Seagirt Marine 

Terminal

– Seagirt expansion completed capital improvements 

totaling $105mm including dredging, wharf and 

berth construction

• Board level management of over £70 million in capital 

projects at London City Airport

– Capital projects include central search expansion 

project, terminal re-configuration and four 

additional stands

• Operates, maintains and develops nine airports in the 

southeast region of Mexico, including CUN

– First Mexican airport group to be privatized in December 

1998 by way of minority sale and IPO in 2000

– CUN has been ranked #1 airport in passenger 

satisfaction in Latin America and the Caribbean region by 

ACI from 2009-2011

– In 2011, CUN was ranked #2 worldwide for airports with 

5-15 million passengers by ACI 

– CUN went from 39 airlines to 120 airlines in 12 years 

(1999-2011)

• In 2011, ASUR served a total of 17.5 million passengers 

(59% international)

• ASUR has developed an excellent operating record

– Consistently grown its airport passenger traffic, achieving 

a historical passenger traffic growth rate of 4.3% 

between 1999 and 2011

Extensive experience in airport management and Public-Private Partnerships, including Cancún 

International Airport (CUN) and London City Airport (LCY)
4 

Aerostar Airport Holdings

• Adolfo Castro – CEO, ASUR

• Emmett McCann – Managing Director, Highstar Capital

SJU Airport Transition Team

• Agustín Arellano – Chief Executive Officer

• Brent Tasugi – Interim Chief Financial Officer

• Andy Vasey – Chief Development Officer 

• Carlos Trueba Coll – Chief Operating Officer 

• Manuel Gutiérrez – Chief Commercial Officer 

Our Leadership

The Aerostar transition executive team is widely experienced in airport operations and public 

private partnerships
Public Benefits

• Revamped terminal space and concessions will highlight local character

o Featuring local businesses and concessions

o Wi-fi, state-of-art concession areas and layout

• Greater efficiencies in terminal layout will lower costs, reduce environmental 

footprint, and shorten wait-times for passengers

• Lower airport costs and track record of encouraging more service from 

incumbents and attracting new entrants will spur competition, with service and 

fare benefits

• Will help promote San Juan as a leading gateway and leisure destination

New professional management team will deliver best-in-class service for airport 

passengers
Benefits to the PRPA

• Expected total invested proceeds of $679M

o Upfront Payment to PRPA of $615M

o $6M to the Puerto Rico Air Travel Promotion and Support Fund

• Over $550M (est.) in annual payments and revenue sharing to PRPA

• Nearly $1.4B (est.) in capital expenditures 

• Creation of jobs and new infrastructure development in Puerto Rico

In total, the lease of SJU Airport will provide the PRPA and the Commonwealth of 

Puerto Rico approximately $2.6 billion in total value over the life of the lease
7 

Key Issues at SJU

Airfield and Terminal Improvements Needed

• Urgent need to upgrade basic infrastructure

Underutilized Terminal and Gate Space

• Layout does not optimize operations and 

passenger flows across SJU’s most modern 

terminals (A, B, and C) 

• Limited passenger processing capacity in 

Terminals B & C 

• Congested check-in areas; unintuitive wayfinding 

• Long TSA queues at peak times across 

multiple checkpoints

Food, Beverage & Retail Concessions

• Current program not maximized due to 

poor mix and unfavorably structured 

agreements 

SJU Airport – Extensive Roof and Ceiling Damage, Poor 

Processing

Aerostar and its advisors have identified a number of critical challenges at SJU that need to 

be addressed for the benefit of all stakeholders that utilize the airport
8 

Transform SJU into a world-class international airport 

Become the leading airport in the Caribbean in terms of passenger volume and 

customer satisfaction

Create and maintain the facilities and infrastructure necessary to maximize 

service quality and security

Build a lasting and iconic airport that will become the gateway to the Puerto Rico 

economy

Create high-quality, well-paying jobs and spur business and tourist growth for 

decades to come

Aerostar’s Vision for SJU Airport 

Aerostar will work closely with all stakeholders and the 

traveling public to realize this exciting vision for SJU

Aerostar has developed a new vision for the airport
9 

Consolidate terminal space to optimize passenger experience and efficiency

Expand and enhance security screening capabilities

Provide higher level of passenger amenities 

through centralized concessions located after 

TSA checkpoint

Upgrade GA experience

Aerostar’s Vision for SJU Airport (Cont’d) 

Terminal A – 

Brand New

Terminal B - 

Renovated
10

Refurbished Terminal Area

Aerostar’s Vision for SJU Airport (Cont’d) 
11

Highstar Capital has worked hard to put forward and arrange stable and ample 

sources of funding to ensure financial success

Debt financing - $350M investment grade bonds

$265 million of equity from ASUR and Highstar to Aerostar to fund the upfront 

payment

Backed by binding commitments from leading financial institutions, including 

RBC, UBS, and First Bank

PFCs & AIP funds to be used in combination with airport and Aerostar funding 

for capital improvements

Financing and Revenue Plan: Overview
12

Aerostar intends to use AIP funding and TSA grants and to apply for 

authority to impose and use PFCs to fund eligible projects, including:

• Extension of RSA for RWY 8/26 

• Reconstruction and rehabilitation of certain taxiways

• Expansion of certain taxiways

• Upgrade security fences and access roads

• Capacity enhancement of Terminals A, B, and C

• Acquisition of land and mitigation of environmental impacts

• Updated 10-Year Master Plan 

• Inline baggage system security 

Financing and Revenue Plan: AIP, TSA & PFC Funding
Activity Award

Financial/

Operational 

Close

Turnover +3 

months

Turnover 

+6 months

Turnover +12 

months

Transition Executive Management Team in Place 

FAA Review and Approval of Final Application 

Contract Negotiation and Award for Service Providers 

Executive Recruiting for Full-Time Airport Management 

Staff Interviews for Full-Time Airport Management 

Staff Networking with Local Businesses 

Specialty Management for New Airport Systems 

Transition of Staff and Creation of New Departments 

Stakeholder Engagement (FAA, TSA, CBP, USDA, etc) (ongoing)

Airline Engagement (Airport Affairs, Tech., Ops.) (ongoing)

Procurement for Initial Capital Projects 

Capacity Enhancement Program: 

Project Definition 

Terminal B/C Program (ongoing)

Terminal A Program (ongoing)

13

Transition Plan Summary
14

Future Vibrant New Lobby Area 

A New SJU Airport to Reflect Puerto Rico’s Welcoming Spirit and 

Unique Culture