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Asur Surges on Puerto Rico Airport Victory: Mexico City Mover

July 19 (Bloomberg) -- Grupo Aeroportuario del Sureste SAB, the operator of airports in southern Mexico including Cancun, surged to a record after a unit it co-owns won a bid to operate an airport in Puerto Rico.

Asur, as the company is known, climbed 8.3 percent to 113.41 pesos at the close of trading, the most since April 2009. It was the best performer on the benchmark IPC index of 35 Mexican companies, which was little changed.

Aerostar Airport Holdings, owned by Mexico City-based Asur and a private equity fund known as Highstar Capital IV, will enter into a 40-year lease of Luis Munoz Marin International Airport in San Juan, according to a statement distributed by PR Newswire. Aerostar will pay the Puerto Rico Ports Authority an upfront fee of $615 million.

“The current business operates with extremely high efficiency,” Jorge Lagunas, who oversees about $200 million in equities as a money manager at Mexico City-based Grupo Financiero Interacciones SA, said in a telephone interview. “They’re going to apply the same standards” in Puerto Rico.

Asur has gained 44 percent this year, the third-best performance on the IPC index after Grupo Financiero Banorte SAB and Alfa SAB.

To contact the reporter on this story: Jonathan J. Levin in Mexico City at jlevin20@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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