Liquidity lack complicates Aena privatization

The current lack of liquidity in the markets makes it likely that the Spanish Government will find this September fewer offers than initially planned for the privatization of Aena, the Spanish public body that owns and operates the majority of airports in the country, that begins with the sale of Barajas and El Prat, the main airports of Spain.

"The competitions require a strong investment effort at a time in which to find outside financing has become a complicated task," say these sources to expansion. Among the recommendations made by the industry to figure that the canon Aena minimum down payment is replaced by a reference, allowing more flexible terms of the offer.

According to the calculations prepared by RBS, the financial advisor hired by Aena, the average expected return is at the fringe of 13%, a percentage for the companies concerned is not very realistic in terms of investment demand, financing costs and envisaged operational quantities.

Some insiders within Aena, who fear that in the end, there will be only two bids: the consortium of Abertis and Ferrovial to compose. Other Spanish companies as Globalvía ​​(FCC and Bankia) and Acciona have raised the possibility of taking the contest, although the industry doubt that can lead consortia because of the required technical specifications.

Contests Barajas and El Prat coincide with other processes of divestiture of airport assets. Hochtief, the German subsidiary of ACS, has been on track the sale of its stakes in six airports, while Ferrovial is still waiting for a buyer for 10% of BAA, which owns Heathrow, London.

Abertis is one of the business groups determined to acquire one of the two airport concessions tendered by Aena. The infrastructure company has been working all summer in order to be submitted to contests Madrid Barajas and Barcelona El Prat-the hand of private equity fund CVC and French insurer AXA.