AENA and Aldeasa reach new rent agreement

John Gallagher

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Landlord and retailer have finally agreed a new rent payment structure for Aldeasa's concessions throughout Spain

Spanish airport authority AENA and travel retailer Aldeasa have reached an agreement on a new means to calculate rent payments for the network of shops the retailer operates in several Spanish airports.
 
Since the abolition of intra-EU duty-free in 1999 Aldeasa has paid a canon based on profits, which was equivalent to 17% of total sales. Following the new agreement Aldeasa will now pay a canon based on gross sales. RavenFox.com estimates that Aldeasa will pay close to 30% of duty-free sales to AENA, with a minimum annual guarantee of €20m ($25.3m), and around 22% of Travel Value and duty-paid sales with a minimum annual guarantee of €66m ($83.5m). In addition Aldeasa has agreed to install AENA-approved point-of-sale hardware and software to ensure efficient control of sales.

An AENA spokesman said: "This agreement, reached as a result of dialogue between AENA and Aldeasa, further strengthens the commecial relationship between the two companies, which has clearly been a priority of the new owners of Aldeasa [Altadis and Autogrill] since they took control of the company in April 2005."

Negotiations between the two companies have continued over the past 12 months and RavenFox.com understands that the agreement on the new payment structure will be backdated to July 2005. The new agreement will apply in Madrid Barajas as well as the rest of the airports in the Spanish mainland and the Balearic Islands. The concession agreement at Barajas runs until 2012, although the other concessions at 14 airports in the peninsula and the Balearics are due to finish in December of this year.
 
RavenFox.com understands that AENA will announce details of the retail tender later this month. For more details see DFNI June 1, out now.