Aena: no bids for duty-free tenders in Madrid and Barcelona


Banco Sabadell: The airport company has not received any bids for lot 1 (Madrid Airport) or lot 4 (airports in Catalonia) in the tender for the duty-free shop leasing contracts. These two lots represent 44% of the total RMGA’24 established as a basis for the tender (this could represent a total of around €190 million per year or 4% of AENA’s total revenues; at least 1% of the capitalisation). The rest of the lots (four additional ones) would have received bids.

Assessment: This is negative news, although the economic impact, for the moment, is very limited insofar as the current contracts expire at the end of October 2023 and the clause whereby the current lessee must continue to operate these shops for a maximum period of six months from the date of termination of the contract (this would be until April 24) could be activated. In any case, qualitatively speaking, it is a disappointment that the two largest contracts remain vacant and that, although the reasons are not known, in practice it could lead to reductions in certain conditions of the specifications (limits of the business, clause Covid-19, RMGA, etc.). The total of the duty-free shops (including the business in Madrid and Catalonia; these have the greatest weight but the total is not broken down, which would be about 40–50% of the total) has a weight of 7% of the estimated 2023 revenue.

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