Aena is still unable to collect the rent for the commercial spaces occupied by Dufry, your main customer in the unregulated business, and neither can you execute endorsements for non-payment. The court of First Instance number 39 of Madrid has decided maintain precautionary measuress adopted last March, as reported by the airport manager to the CNMV.
Dufry went to court requesting the modification of the current contracts with Aena in view of the strong impact of Covid-19 on air transport and, by extension, on your business. The landlord had proposed to this company and the rest of its tenants an agreement that entailed a reduction of 56% of the minimum rents guaranteed in the lease contracts during 2020, an offer that was rejected by Dufry.
The discounts were extended this year with 50% until September. With this, the company chaired by Maurici Lucena went beyond what the Royal Decree Law 35/2020 of urgent measures to support the tourism, hospitality and trade sectors
The largest commercial operators in the terminals of Spanish airports are demanding a reduction in the rents they pay to Aena equivalent to the decrease in traffic, of 72% in 2020. The airport manager, for his part, defends his proposal as fair and generous. The lease contracts contemplate the payment of a guaranteed minimum rent to which a variable is added depending on the sales of each establishment.
Among the precautionary measures that the Madrid Court agrees to uphold are the aforementioned suspension of the payment of the rent of the contracts of Duty Free, Duty Pay y Retail in what exceeds the amending agreement that, according to the plaintiffs, would have been reached between Aena and Dufry and that the order considers as precautionary in force. The execution of guarantees given in guarantee of the contracts is also paralyzed and the deposit of 27.47 million euros imposed on Dufry to respond to the damages that his request may cause to Aena.
There will be recourse
Aena has already advanced that will appeal to the Provincial Court of Madrid. It also highlights that the order signed on June 5, on the maintenance of the precautionary measures, “does not prejudge the merits of the lawsuit filed before the same Court of First Instance number 39 of Madrid by Dufry, requesting the modification of the contracts currently in force between Dufry and the Company ”.
The legal team of Aena foresees that the decision in the first instance on the merits of the matter foreseeably throughout the next year 2022.