From the article above:
Luton council said, ‘We will be working with Aena and AXA to ensure a smooth transition in the transferring of responsibility for the operation of London Luton Airport which will need to deliver an investment programme for the asset under the terms of the existing concession agreement.’
Sounds like AENA will be on the hook for an investment along the lines of the one recently discussed, which preceeded the extension of the franchise to 2031.
For AENA and AXA to maximise their returns, they will be wanting to make that investment PDQ. Of course, if the franchise isn't extended from 2031, everything will decline from about 2020 as the payback period won't be long enough to make a return on it.
