Business • Corporate • Infrastructure

Odinsa and Macquarie Asset Management begin the operation of a new platform that will manage airport assets worth COP 1.3 trillion

29 June 2023
  • After fulfilling all the preceding conditions for this operation, the companies announced the consolidation of their strategic alliance and informed the start of operations of Odinsa Aeropuertos.
  • This new alliance between Odinsa and Macquarie Asset Management confirms the global investor’s trust in the organization’s management capabilities and in Colombia as an investment destination.
  • Odinsa will be the asset manager of the platform, which holds concessions for El Dorado Airport in Colombia and Mariscal Sucre Airport in Ecuador, considered two of the best in South America according to Skytrax.
  • The platform will be able to develop new projects and opportunities in the Americas and will continue to promote private initiatives such as the new Cartagena Airport, El Dorado Max, and El Dorado Flight Field.

Odinsa, concessions company of Grupo Argos, and Macquarie Asset Management (MAM), the world’s largest infrastructure asset manager1, on behalf of Macquarie Infrastructure Partners V, announced the consolidation of their strategic alliance in the new airport infrastructure investment platform, in which each holds a 50% stake and includes assets worth approximately COP 1.3 trillion.

With the fulfillment of the preceding conditions for the completion of the transaction before the corresponding authorities, financial institutions, insurers, and concession shareholders, the platform begins its operation focused on managing Opain, responsible for El Dorado Airport, in which it holds a 65% stake, and Quiport, responsible for Mariscal Sucre Airport, in which it has a 46.5% ownership. Together, these two airports mobilized over 40 million passengers in 2022 and were recognized as the Best Airports in South America this year by the British firm Skytrax.

Furthermore, this platform will be responsible for the development of the Private Initiatives (PI) that Odinsa has been promoting in Colombia to strengthen its competitiveness.

  • PI New Cartagena Airport: an initiative to relocate the Cartagena airport to a new modern, efficient, sustainable, secure infrastructure with the capacity to handle air traffic for the coming years, supporting the city’s growth projections and boosting different economic sectors. Additionally, due to its strategic location, it could become one of the multimodal nodes in the region and the country.
  • PI Flight Field: involves the improvement and operation of runways and taxiways at Bogotá’s airport with sustainable infrastructure and cutting-edge technology to enhance the safety and operational reliability of El Dorado, contribute to environmental preservation, and promote the well-being of communities and users.
  • PI El Dorado Max: proposes the expansion and improvement of the existing infrastructure of Bogotá’s El Dorado Airport, as well as the construction of new facilities to maximize its capacity in the medium term and further consolidate its position among the world’s best airports.

Driven by the extensive experience of both companies that form this robust platform, Odinsa Aeropuertos will continue to explore other investment opportunities and value creation in Colombia and the Americas.

“For Grupo Argos, the consolidation of Odinsa Aeropuertos represents the tangible realization of our strategy as an infrastructure asset manager, and it signifies the recognition and trust generated among global players due to our experience and managerial and operational

Jorge Mario Velásquez – President of Grupo Argos and Chairman of
the Board of Directors of Odinsa

“We are excited about our continued growth in the region through investments in quality infrastructure that provide essential services. This investment expands our valuable partnership with Odinsa, and we look forward to collaborating with key stakeholders to further strengthen the transportation infrastructure in the region.”

Karl Kuchel, CEO of Macquarie Infrastructure Partners

“With this strategic alliance with Macquarie, we reaffirm our commitment to the country and strengthen ourselves to continue growing in Colombia and the region, with sustainable infrastructure projects that drive competitiveness and development.”

Mauricio Ossa – President of Odinsa

This new platform consolidates a long-term strategic alliance, considering that in June 2022, Odinsa and MAM began operations of their infrastructure investment platform for roads: Odinsa Vías. The interest demonstrated by MAM is good news for Odinsa, the sector, and the country, as it confirms the confidence and interest of global players in continuing to invest in Colombia, thus supporting the country’s goals in terms of air connectivity.

Transaction Details

Odinsa Aeropuertos was established after negotiating with Macquarie, which involved Grupo Argos selling its 30% stake in Opain for COP 275 billion, Odinsa selling its 2.5% stake in Opain for COP 23 billion, Odinsa selling its 23.25% ownership in Quiport for USD 76 million, and Odinsa transferring 50% of the rights as the originator of the three private initiatives for COP 25 billion.

Finally, for the establishment of the platform, both Odinsa and Macquarie contributed their stakes in the mentioned concessions and projects. It is important to note that due to Odinsa’s extensive capacity, experience, and knowledge of the assets, the company will continue to be the manager of the platform.

About Macquarie Asset Management

Macquarie Asset Management (MAM) is an asset manager that oversees USD 582 billion globally and provides access to specialized investment expertise across a range of capabilities, including infrastructure, green and renewable investments, real estate, agricultural and natural assets, asset financing, private credit, securities, fixed income, and multi-asset solutions. Macquarie Asset Management is part of Macquarie Group, a publicly traded company on the Australian Securities Exchange.