Canadian pension investment manager PSP Investments and Grupo Aeroportuario del Sureste have acquired a combined 50 percent interest in Aerostar Airport Holdings LLC, which manages the Luis Muñoz Marín International Airport in San Juan, Puerto Rico.

Aerostar has operated the airport since 2013.

PSP, which is one of the largest pension investment managers in Canada, acquired a 40 percent interest in Aerostar, while ASUR, which had already held a 50 percent interest, acquired an additional 10 percent.

This represents a combined investment of $430 million.

ASUR, based in Mexico, operates Cancun Airport and eight other airports in southeastern Mexico.

“We are extremely pleased to increase our participation in San Juan Airport,” said Adolfo Castro Rivas, Chief Executive Officer of ASUR. “ASUR is committed to continuing to offer world-class service to all of its customers. We look forward to working closely with AviAlliance to provide further enhancements to operations and customer service, to benefit Puerto Rico for the long term.”

Luis Muñoz Marín is the largest and busiest airport in the Caribbean, having welcomed around 9 million passengers last year.

“This acquisition is an excellent fit with PSP Investments’ long-term investment philosophy and leverages the capabilities of AviAlliance, our airport platform,” said Patrick Charbonneau, Managing Director, Infrastructure Investments, PSP Investments. “We look forward to complementing ASUR’s expertise with that of AviAlliance, to develop a constructive and lasting partnership dedicated to delivering best-in-class operations at San Juan Airport.”