CPK has selected Vinci Airports and IFM Global Infrastructure Fund (IFM) as the preferred bidder in the competition for a strategic investor. The decision was made after a several months long private investor selection process. Talks were held with a wider range of candidates from Europe and the Asia-Pacific region.
Centralny Port Komunikacyjny has selected the most favourable bid in the competition for a strategic investor organised by CPK.Lotnisko, which is going to build and manage the new airport. The French-Australian proposal submitted jointly by Vinci Airports and the IFM Global Infrastructure Fund won.
CPK launched the process of acquiring an investor in mid-2022. The procedure ended on 13 October this year with CPK’s decision to select the bid of Vinci Airports and IFM GIF as the most favourable in the competition for the CPK.Lotnisko strategic investor.
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“CPK is not megalomania. CPK is not a threat to regional airports. CPK means the creation of a Central European passenger hub, while at the same allowing to tap into the gigantic revenues from air cargo, which have so far passed Poland by. Vinci and IFM joining the CPK project is the best proof that CPK is a well-thought-out project based on numbers. It will not only boost the Polish economy, but will also guarantee a high rate of return on investment,” says Marcin Horała, Deputy Minister of Funds and Regional Policy, Government Plenipotentiary for CPK.
The investor’s tasks include contributing a minority share of the capital necessary for the construction of the airport, as well as supporting CPK with its experience and know-how in the implementation of the investment and, after its completion, in operating the airport in accordance with the highest industry standards.
The assumptions for financing the airport part of CPK are that 60 % of the financing for the construction of the airport is to be obtained in the form of debt financing, i.e. bonds or a loan from a consortium of banks, and 40 % is to come from investors taking shares in CPK.Lotnisko. It is the minority part of this capital that is the subject of the selected bid, while the majority investor is CPK, i.e. the State Treasury. CPK.Lotnisko will build and then operate the CPK airport.
“We have thoroughly verified our partners in terms of experience, competence and credibility in the implementation of the CPK strategy. Poland will retain control of the strategic infrastructure by taking a stake of no less than 51 % in CPK.Lotnisko,” explains Mikołaj Wild, CEO of CPK.
As a result of the construction phasing of an airport capable of handling 40 million passengers per year, CPK managed to reduce initial capital expenditures by 16 percent. The acquisition of up to 49% of shares will mean attracting approximately PLN 8 billion of direct investment to Poland. Investors applied for the acquisition of shares only in CPK.Lotnisko, and not the shares in other companies controlled by CPK. In particular, the process does not allow for the privatisation of shares in Polskie Porty Lotnicze SA (PPL) or Chopin Airport.
Vinci Airports is a company owned by the Vinci Group and headquartered in Paris. It is a world leader in the design, construction, financing and operation of infrastructure projects. Vinci is active in 120 countries and employs more than 270,000 people. The company’s current portfolio includes 65 airports in 12 countries, which in 2019 (before the COVID-19 pandemic) served over 240 million passengers.
IFM Global Infrastructure Fund (IFM ) is an infrastructure investment fund based in Australia. IFM has approximately USD 143 billion in assets under management, of which approximately USD 64 billion is dedicated to equity investments in infrastructure. IFM Investors currently manages investments in 17 airports in different countries, which together handled more than 232 million passengers in 2019. These include Vienna, Manchester, Sydney, Melbourne, Perth and Brisbane.