ASUR’s Latin swoop on Motiva’s airports offers a retail upside

By Kevin Rozario | Monday, 24 November 2025 20:19

Commercial revenue growth is very healthy at Motiva’s airports. [Source: Motiva, 1 Excludes non-recurring effects]

When Mexico’s Grupo Aeroportuario del Sureste (ASUR) completes its deal, announced last week, to buy the equity stake in the airport portfolio of Brazilian mobility infrastructure company Motiva, for BRL5,000 million/$927 million* (excluding net debt), it will transform Latin American aviation.

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ASUR will add 20 airports – in Brazil, Ecuador, Costa Rica, and Curaçao – when the sale goes through, expected in the first half of 2026. The Mexican operator currently runs 16 airports in the Americas: nine are in Mexico, the biggest being the tourist hub of Cancún; six are in Colombia, including Medellin’s José María Córdova International Airport (MDE), plus the fast-growing Luis Muñoz Marín Airport (SJU) in San Juan, Puerto Rico, through a joint venture.

The Motiva airports are primarily in Brazil, a new market for ASUR, plus Ecuador’s Quito International (UIO); Juan Santamaria (SJO) in San José, Costa Rica; and Curaçao International Airport (CUR). All 20 sit within a wholly owned subsidiary of Motiva (formerly known as CCR), called Companhia de Participações em Concessões (CPC).

Of Motiva’s 20 airports, 17 are in Brazil.

The expanded portfolio will boost ASUR’s passenger count by 63% from 71 million in 2024 to 116 million passengers. This will make the company the top airport operator in the Americas by traffic, moving ahead of Spain’s AENA and Corporación América Airports (CAAP).

A travel retail win for ASUR

As well as heading to the top of the leaderboard, ASUR will benefit from Motiva’s recent investment in its airport division, which, in 2024, topped $300 million. Additionally, of the 20 new airports, 17 have more than 15 years remaining on their concession lives, giving ASUR time to recoup its investment.

Income in the airport division has also been strong, helped by a focus on expanding domestic route networks. This enabled airport and commercial revenue to grow by +18% last year, reaching BRL2,188,071 million/$406 million.

The share coming from commercial income averages out at 33%, but varies by airport, ranging from 25% at Curaçao to 63% at Pampulha (PLU), which serves Belo Horizonte in Brazil. ASUR derives about 31% of its total revenue from commercial sources, which include duty-free and duty-paid retailing.

Additionally, in the first half of 2025, adjusted commercial revenue reached BRL499 million/$92.5 million, growing at a CAGR of +16% since H1 23, slightly ahead of airport revenue (see lead image). According to Motiva, its airports are also very efficient, with cost per passenger at only $3.80 and $6.60 for its domestic and international passengers, respectively. This is far lower than the overall Latin America-Caribbean average of $7.80, based on Airports Council International data.