TAV-Fraport made EUR 1.8B upfront payment for Antalya Airport concession
A TAV Airports and Fraport AG joint venture closed the financing and completed the upfront payment to the State Airports Authority as part of the agreement regarding the development and 25-year concession of Antalya Airport.
TAV Airports and Fraport AG joint venture paid 25% of the EUR 7.25B concession fee, which covers the operation of Antalya Airport until 2052. A ceremony was held today in Istanbul to mark the occasion, which was attended by the Turkish Minister of Transportation and Infrastructure Adil Karaismailoglu, GM of the State Airports Authority (DHMI) Huseyin Keskin, TAV Airports President&CEO Sani Sener, Fraport AG CEO Dr. Stefan Schulte and invitees.
The JV secured EUR 1.225B financing for the upfront payment from nine banks - Deutsche Bank, Ziraat Bank, Akbank, Vakıfbank, TEB, Alpha Bank, Qnb Finansbank, Piraeus Bank and Kommunalkredit Austria. The remaining amount is financed by equity.
TAV Airports President&CEO Sani Şener said, “Together with our partner Fraport, we have led a successful operation for the last four years in Antalya, which is the largest tourism destination in the Mediterranean. A strong reiteration of our commitment to invest in Turkey and our confidence in the future of the Turkish aviation market, we made the best bid for the concession of Antalya Airport until 2052. We have invested EUR 750M in equity jointly with our partner Fraport AG, and commenced the development works. Today, as promised, we closed the financing and successfully transferred the 25% upfront payment to the State Airports Authority. We would like to thank all the lenders for their trust and close collaboration. It’s yet another validation for this project, our financial model and the future of Antalya and Turkey as the leading tourism destination in the region.”
Already managing the airport, TAV Airports and Fraport JV had won the tender for the concession of Antalya Airport between January 2027 and December 2051, with a bid of EUR 7.25B plus VAT.
The concession agreement foresaw a 25% upfront payment, and the remaining amount to be paid on annual basis from 2027 onwards, when the new concession period begins.
Furthermore, the JV is investing around EUR 600M to increase the annual design capacity of the airport to 65 million passengers in three years. As part the investment, the international terminal area will increase to 267 thousand sqm from 142 thousand sqm, and the domestic terminal area will increase to 75 thousand sqm from 37 thousand sqm. An additional 1.2 million sqm apron area will increase available aircraft parking positions to 181 from 106.
In 2040, an additional 70 thousand sqm of international terminal area will bring the annual design capacity to 80 million passengers. The total investment during the concession period will reach EUR 765M.
About TAV Airports
TAV Airports provides integrated services in all areas of airport operations, with a global footprint at 87 airports in 27 countries. A member of Groupe ADP, TAV Airports is part of the leading airport management platform globally. Through its subsidiaries, TAV is active in airport service businesses, including duty-free, food and beverage, ground handling, IT, private security and commercial area management. The company is quoted on Istanbul Stock Exchange.
For further information: Erhan Ustundag,
+90 212 463 30 00/2097 and +90 530 228 80 59,