AENA is fully aware of the commercial trauma that each of its prospective bidders has been through because of the pandemic. So its task in selling the opportunity to still bruised and battered candidates is far more difficult than it would have been. But a combination of the clever packaging of a greater number of lots; the revamped weighting of financial and technical criteria; the Brexit factor (a big positive compared with the last tender); the likely ten-year or more contract duration; the heavy investment in airport infrastructure; the digital opportunity; and, critically, the fast-improving travel sector, will have raised AENA’s confidence that it can attract multiple attractive bids.

There is also the very real possibility of ‘dark horse’ bids from Asia and elsewhere to add spice to the contest. The Moodie Davitt Report is aware of several players outside the most obvious candidates that have expressed a desire to secure some of the prize.

Make no mistake, there will be no shortage of bids nor any lack of quality. But what about the money? The sizing up of risk versus opportunity has been an integral element of airport tenders as long as they have existed. The pandemic may have engendered a much greater caution among most travel retailers but as Cuenda well noted, the Spanish tender is hardly an everyday opportunity. The scene is set. The race about to begin.