Former Howard Air Force Base Financial Advisory

The Government of Panama and the IFC needed assistance with the sale and concession of the former Howard Air Force Base in the Republic of Panama. We helped make this $600 million deal a reality.

Redeveloping a former military base
Converting the former Howard Air Force Base (HAFB), largest military base in the region into a major commercial, industrial, and residential complex was never going to be an easy task. IMG Rebel’s assistance to the IFC began with an exhaustive physical and environmental assessment of all facilities. We then developed a terms of reference for the sale of the property, reviewed the proposed market demand analysis, assessed the transportation systems and links. Our experts also assessed alternative land uses, and in conjunction with IFC team members, reviewed proposed economic incentive zones and their impact on the demand. IMG Rebel assisted in the global marketing of HAFB facilities, administrative buildings, and the residential units on this 5,000 acre property to private master developers, transportation entities, and other large real estate project developers in the U.S, Europe and Asia. Finally we helped structured the financial transaction. The facility was sold in 2007, and we have continued to work with the HAFB government oversight organization, Agencia Panamá Pacífico (APP) (Panama Pacific Agency), on aviation-related issues.

Helping the Agencia Panamá Pacífico
We also acted as a financial advisor to the APP on the evaluation of a long-term operating contract for the airport, which remained the responsibility of the Government of Panama. Our knowledge in this field was essential for helping them evaluate various structural possibilities, including an innovative public-private partnership (P3) option. IMG Rebel looked at the market conditions and forecasts for growth in cargo, charter, corporate, and low-cost carrier commercial activity. We combined then combined this research with a financial model to maximize the value obtained by the agency.