Spain – Apr 22/17 – Corvera Airport Faces Another Challenge
The Corvera Airport is facing yet another challenge from AENA, the operator of nearby San Javier and Alicante airports, in the form of an appeal to the Central Administrative Tribunal of Contractual Resources. Corvera was completed back in 2012, but remains unopened and mired in controversy as AENA seeks to protect its commercial interests.
United States – Apr 18/17 – Austin Opens New Terminal Under PPP Scheme
Austin-Bergstrom International Airport recently opened the new USD$12m, 30,000ft² South Terminal. Equipped with three new gates, the revamped and expanded South Terminal project has been structured under a public-private partnership between Austin-Bergstrom airport and LoneStar Airport, a subsidiary of Oaktree Capital.
Greece – Apr 12/17 – Fraport Kicks Off Greek Regional Concession
The Fraport-led consortium kicked off its 40-year concession of 14 regional Greek airports. The group paid an upfront fee of €1.234b plus annual fixed concession payments of €22.9m and an annual variable fee of 28.5% of EBITDA. Under the deal, passenger fees for those flying outside the EU will be reduced from €22 to €12 per head, equal to the intra-European rate.
Bulgaria – Apr 10/17 – Sofia Airport Concession Bid Process Terminated
Amid a trail of deadline extensions, concession law amendments and various unexpected course changes, Bulgaria’s caretaker government has terminated the bidding process for the planned 35-year concession of Sofia International Airport.
United States – Apr 08/17 – Westchester Privatization RFP Launched
Westchester County has released a request for proposals for privatization of Westchester Airport under the FAA’s Airport Privatization Pilot Program. The County’s proposal call comes on the heels of political pushback late last year over Oaktree Capital’s 40-year, USD$111m directly-negotiated sole sourced deal. Proposals are due July 17, 2017.
Croatia – Apr 07/17 – Zagreb Airport Celebrates Terminal Opening
The consortium led by ADP/TAV and Bouygues Bâtiment recently celebrated the opening of the new 65,000 sqm Zagreb terminal. The state-of-the-art terminal doubles airport capacity from 2.5 to five million passengers/year. The 30-year concession was awarded to the group in 2013 – the airport handled 2.8m passengers last year.
Canada – Apr 06/17 – Toronto Gives Conditional Nod to Privatization
For the first time since the Canadian government floated the idea of privatizing its federally-owned airports, the Greater Toronto Airport Authority (GTAA) has signaled its receptiveness to the hotly debated plan. Support, however, comes with the caveat that privatization delivers with it the multi-billion dollar financing of the regional transit network which is critical to realizing GTAA’s ambitious vision of developing Toronto’s airport into the next global mega-hub.
Saudi Arabia – Apr 04/17 – TAV Secures 30-year Deal for Saudi’s Yanbu Airport
The Kingdom of Saudi Arabia recently announced the signing of a 30-year deal with TAV Airports and Saudi-based Al-Rajhi to develop and operate a new terminal at Yanbu airport under a PPP framework. Initially handling 1.2 million passengers per year, capacity will be expanded to 3 million passengers annually on completion of the new terminal works.
Puerto Rico – Apr 03/17 – PSP Acquires Oaktree Stake in San Juan Airport
Oaktree Capital has successfully auctioned off its 50% stake in Puerto Rico’s Luis Muñoz Marín Airport to Canada’s Public Sector Pension Investment Board. Oaktree bought into the venture in 2014 with purchase of Highstar Capital. The other 50% stake in San Juan is held by Mexican airport operator Aeroportuario del Sureste.
Bermuda – Apr 01/17 – Aecon Reaches Commercial Close for Bermuda
Aecon Concessions recently reached commercial and financial close on the US274m Bermuda Airport Redevelopment Project, following prolonged political wrangling. Under the P3 framework agreement negotiated between the Bermuda government and the Canadian Commercial Corporation, Aecon will develop, finance and operate the airport under a 30-year term.