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Logistics Operations
Pan-European strategy to consolidate a fragmented market through discounted acquisitions.

Favorable Supply and Demand Dynamics
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Airports generally reserve land for
passenger facilities, constraining air cargo development,especially in the case of landlocked airports. -
​High demand allows for the collection of premium rents sufficient to offset the limited life of concessions.
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Historical Under-investment
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Key airports require
expansions, modernization, and/ or mechanization. -
​Increased cargo volumes
drive airport fees. allowing attractive concession terms.
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Multiple Value Levers
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Technology improvements to tenants' operations drive a variable part of the rent.​
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Concession extensions can be negotiated in exchange for the development and management of complex facilities.
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Operational Specificities
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Air cargo handler has the security
clearance to operate within the perimeter of an airport.​ -
Customs agencies are key partners in the clearance process.
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Fragmented Market
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Few private developers in Europe, and no dominant players.​
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Competition for gateway airports means interesting opportunities at 2nd tier airports.
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Quasi-infrastructure
Asset Class
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High barriers to entry given the complexity of obtaining
concessions and specialized
design construction.​ -
Contractual inflation protection.
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