Fraport signs contract to operate 14 Greek airports

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Aerial view of the apron at Frankfurt Airport

Fraport and Copelouzos Group have signed contracts with the Hellenic Republic Asset Development Fund to operate 14 Greek airports for 40 years, in a deal worth 1.2 billion euros ($1.3 billion).

The transaction is expected to close in late 2016 and Fraport will be the majority stakeholder in the airports, with its Greek partner, Copelouzos Group holding the remaining stake. It will operate the mainland airports of Aktio, Kavala and Thessaloniki, and the island hubs of Corfu Kerkyra, Crete Chania, Kefalonia, Kos, Mitilini, Mykonos, Rhodes, Samos, Santorini, Skiathos and Zakynthos. As part of the deal, Fraport and Copelouzos will pay an annual fixed concession fee of 22.9 million euros, and will be required to invest 330 million in airport infrastructure until 2020, followed by maintenance and capacity investment during subsequent years.

Fraport executive board chairman, Dr Stefan Schulte says: “Since being selected as preferred bidder more than a year ago, Fraport and Copelouzos have remained steadfastly committed to the Greek regional airports – a win-win project for Greece and its people.”

Copelouzos Group founder and chairman, Dimitris Copelouzos says: “The project for the 14 Greek regional airports is one of the largest and most beneficial investments based on national and social criteria. Undoubtedly, this investment is a basis for boosting the Greek economy, especially during this critical period for the country.”

In Europe Fraport also operates the German hubs Frankfurt Airport, Hannover-Langenhagen Airport, the Bulgarian airports Burgas Airport and Varna Airport, Pulkovo Airport in Russia, and Ljubljana Joze Pucnik International Airport in Slovenia. In Asia it operates Antalya Airport in Turkey, Indira Gandhi International Airport in India, and Xi’an Xianyang International Airport in China. In South America Fraport operates Lima’s Jorge Chavez International Airport in Peru.