MEXICO. Aeropuerto Internacional de la Ciudad de México (AICM) has ended its long-running commercial management contract with Inmobiliaria Fumisa (Fumisa) for Mexico City International Airport Terminal 1, and is now managing commercial areas of the airport directly.
Global private equity group Advent International owns Fumisa, which has operated at Mexico City International since 1991.
AICM issued a statement on 1 January 2014 to confirm its contract with Fumisa had ended on 31 December 2013.
“From 1 January 2014, AICM will directly lease all the commercial spaces in Terminal 1,” the statement announced.
The contract with Fumisa covers 180 international commercial spaces and 2,100 parking spaces, as well as 11 air bridges.
Dufry is the cornerstone duty free retailer at T1, with some 20 commercial spaces there.
“The spaces of the airport are public property of the nation, and at the conclusion of the contract are once again in the possession of AICM, which is the concessionaire for the airport, the land and buildings that comprise it, and now the sole authority to lease the commercial spaces,” AICM stated.
AICM has concluded contracts with some tenants and will continue the formalisation process with those that haven’t yet moved to new contracts.
“Services necessary for proper care of the passengers are provided as normal at Mexico City Airport,” it said.
Fumisa, however, has publicly raised concerns about lack of passenger services as a result of the decision.
The two parties engaged in a legal dispute over the issue through 2013.
Fumisa CEO Ruffo Perez Pliego told Mexican media this week that the company does not accept the decision to end the contract.
AICM has not delivered on a contractual requirement to achieve an internal rate of return on investment of 12.82%, with the actual figure less than 6%, he said.
Fumisa is seeking compensation or an extension of at least another 10 years to recoup an investment it values at Ps 4.9 billion (US$375 million) in real terms.
It insists AICM should follow an April 2013 court order to extend the contract while the parties seek agreement.
The Moodie Report will follow developments in what may be a protracted dispute that adds uncertainty to commercial management at Mexico’s busiest airport.
