Peruvian company IKSA to develop and operate South Cargo Zone at the new Jorge Chavez Airport City

September 20, 2023.- Lima Airport Partners (LAP) is making significant progress in its commercial tender process for the Airport City project. Following a comprehensive bidding process launched earlier this year, LAP has awarded Inmobiliaria Koricancha (IKSA) the contract. IKSA, a company co-owned by the Sandoval business group and AC Capitales, will undertake the design, construction, operation, and maintenance of the South Cargo Zone, strategically positioned adjacent to the new passenger terminal.

IKSA, in collaboration with Cubic33, an established company specializing in the design and construction of industrial, logistics, and refrigeration projects with extensive local and international recognition, is set to lead this initiative. The project will include state-of-the-art Class A front-line warehouses designed for the terminal’s duty-free store merchandise and dedicated air cargo storage. Additionally, the plan includes the incorporation of second-line warehouses intended for logistical support to meet airport service needs.

Regarding Jorge Chávez Airport, the South Cargo Zone will complement the cargo area located on Av. Faucett. Its strategic proximity to the new terminal’s commercial flight apron will streamline traffic and turnaround times, thereby fostering increased operational efficiency and safety at the airport.

"We are pleased to have selected IKSA as our strategic partner for the development of the new South Cargo Zone. IKSA will construct essential service and support areas for the start of operations of the new airport. This announcement represents a significant step forward in the development of Airport City, demonstrating investor confidence in the airport sector and opening doors to new real estate and investment opportunities in Callao, Lima and throughout Peru. It solidifies Jorge Chávez Airport position as a major logistics hub in the region,", said Norbert Onkelbach, Chief Commercial Officer at LAP.

The project comprises two distinct phases. The first phase which encompasses construction, is projected to conclude by the end of the second quarter of 2024. The second phase involves securing requisite approvals and executing infrastructure enhancements. This collaborative endeavor with airport operators is scheduled for the third quarter of 2024. The goal is to ensure readiness for the testing phase of the new passenger terminal, which is set to commence operations in January 2025, when the operation and maintenance of the new South Cargo Zone will begin, a contract that will last 16 years, until February 2041.

"At IKSA, we are committed to boosting international trade to expand development opportunities in the country. Aligned with this vision and leveraging over fifteen years of experience operating logistics platforms, we see the opportunity to continue our efforts. We are ready to move forward hand in hand with LAP on new developments in this iconic Airport City project,” , said Edgardo Carbonel, General Manager of IKSA.

This significant project will contribute to the revitalization of the Constitutional Province of Callao by developing new logistics and cargo areas. This will enhance the country’s competitiveness in the region and foster job creation. During the construction phase alone, IKSA plans to generate approximately three hundred jobs, and once operational, additional jobs will be created, including personnel from the final operators of each lot.

LAP has introduced the groundbreaking concept of Airport City, the first of its kind in South America, set to commence operations upon the opening of the new terminal in 2025. This initiative is expected to attract new investments that will play integral roles withing the airport ecosystem. The Airport City has been established through third-party private investments, driving sustainable, long-term projects in alignment with LAP’s sustainability framework, which includes explicit environmental and social commitments. Over the next decade, an estimated $225 million will be invested in projects developed by third parties. These projects encompass the Fueling System, Callao Logistics Park, Vehicle Parking, an office building, and two hotels—one boasting a 5-star rating and the other 3-star—alongside additional services.

About Inmobiliaria Koricancha - IKSA

It is a real estate and logistics company in which Grupo Sandoval and AC Capitales are shareholders. It is responsible for managing logistics platforms and has over 15 years of experience in the aviation sector. Grupo Sandoval's companies develop airport services en four countries, also logistics services and airport concessions. AC Capitales is one of the main Peruvian investment managers in private markets, focused on the infrastructure and real estate sectors, where it has made more than sixty investments in projects and companies in both sectors.

About Lima Airport Partners (LAP)

Lima Airport Partners (LAP) is the private operator of Jorge Chávez International Airport. The ownership structure of LAP is as follows: Fraport AG holds an 80.01% stake and operates Frankfurt Airport in Germany along with other major airports globally. Meanwhile, the International Finance Corporation (IFC), under the World Bank’s ownership, holds a 19.99% financial stake, solidifying its position as the preeminent international institution for private sector development. As of July 2023, LAP has invested $1,529 million in airport improvements and modernization, while over the past 22 years under the Concession Agreement, it has contributed $3,162 million to the Peruvian State through transfers and taxes..

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