Fraport buys US retail malls
Germany’s Fraport Group has made a significant move into the United States’ airport retail sector after acquiring the Airmall Group which oversees retailing space at Baltimore, Boston, Cleveland and Pittsburgh airports.
Fraport announced early August that it has expanded its international portfolio in the global airport market by acquiring 100 percent of US-based AMU Holdings Inc, which owns Airmall USA Holdings Inc.
Airmall, one of the leading airport concessions developers in North America, markets space at the hubs of Baltimore (BWI), Boston (BOS), Cleveland (CLE) and Pittsburgh (PIT) which together serve around 70 million passengers per year.
Airmall currently oversees about 34,000 square metres of space in the passenger terminals at the four airports – with about 270 retail and food and beverage outlets operated by international, national, regional and local tenants.
Fraport AG’s executive board chairman Dr Stefan Schulte welcomed the acquisition deal.
“The retailing business at our Frankfurt home-base has always been a growth engine and we have repeated this success story consistently over the years at our other group airports worldwide,” he said.
“With the acquisition of Airmall, we have established a promising platform for developing our US business in the future.”
Dr Matthias Zieschang, Fraport AG’s executive board member for finance, acquisitions and investments, said Airmall has developed a solid business at the four US airports and the investment made good business sense.
“Airmall will give us a presence at these four airports for further expanding our brand reputation in the US market.”
Fraport says the addition of Airmall – which has one of the highest per-passenger spends on the continent – to its global portfolio will help provide two-way synergistic benefits.
Both are dedicated to enhancing the passenger experience at airports and, as well as substantial expertise in the US marketplace, Airmall is perceived as both an industry leader and innovator.
The acquisition also consolidates Fraport’s position for further growth in the US and other parts of the world.
Airmall’s headquarters will remain at Pittsburgh’s international airport.
Written for Air Cargo Week magazine