Japan has selected a team made up general contractor Maeda Corporation and railway operator Tokyu Corporation as the preferred bidder for the rights to operate and improve facilities at Sendai Airport, Japan's 10th busiest airport.

The team beat out competition from two other shortlisted consortia, one composed of Mitsubishi Estate Co Ltd and ANA Holdings Inc, and the other former of Aeon Co and Kumagai Gumi Co. There was another shortlisted team made up Mitsubishi Corp and Rakuten Inc which did not submit the second-round bid.

The government of Japan aimed to obtain about YEN5.7 billion (US$47.5 million). From now the two parties, the winning team and the government, will negotiate final details of the deal to run the airport. The final agreement will be made by the end of this year.

Japan's Ministry of Land, Infrastructure, Transport and Tourism will be the grantor of the contract. Sendai Airport will become Japan's first state-owned airport to be operated by private entities.

According to sources, Macquarie Capital is acting as financial adviser for the winning consortium.

Sendai Airport is an airport located in Natori, Miyagi, 13.6 km (8.5 mi) southeast of Sendai Station. On 11 March 2011, the airport was first damaged by the 2011 TÅ?hoku earthquake and then badly flooded by the subsequent tsunami. In addition to submerging the tarmac, taxiways and runway, the floodwaters reached up to parts of the 2nd level of the passenger terminal, rendering electrical equipment, transformers and safety equipment inoperable.