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January 5, 2014

Fumisa disputes Mexico City Airport’s move to directly lease commercial space

Real estate development unit Inmobiliaria Fumisa (Fumisa) is challenging a move by Mexico City International Airport (AICM) to directly lease commercial space in Terminal 1.

Real estate development unit Inmobiliaria Fumisa (Fumisa) is challenging a move by Mexico City International Airport (AICM) to directly lease commercial space in Terminal 1.

Fumisa had expanded Terminal 1 under a contract that allowed it to lease commercial space to receive a return on investment.

It originally undertook the project from 1991 to 2005, but is seeking an extension of the contract or compensation after the return on investment was lower than the initial contract statement.

"The airport’s spaces are a public asset of the nation"

According to Fumisa chief executive Ruffo Perez Pliego, the 5% return on investment was significantly lower than the 12.8% specified in the contract.

Responding to the termination of the contract, Fumisa referred to a 2013 court order, which allowed it to continue with the contract until the dispute has been resolved.

A statement from Fumisa said: "Any lease that should be signed directly between the AICM and Fumisa’s sublessees, and any conditioning by AICM of the lessees’ access to the commercial spaces, are in violation of court rulings in effect."

AICM management said: "The airport’s spaces are a public asset of the nation and with the expiration of the contract, they are once again under the control of the AICM, which is the operator of the airport, land and buildings that make it up, and currently the only entity authorised to lease commercial space."

The services for passengers are being provided with full normality, according to the management.

Fumisa said that it will use all legal means to defend its contractual rights and have the court ruling respected.

AICM is the country’s largest airport, and handles around 30 million passengers annually.

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