Freshfields Bruckhaus Deringer has advised Fraport AG Frankfurt Airport Services Worldwide ("Fraport") and the Copelouzos Group on the EUR 1 billion financing of the operating concessions to run a total of 14 regional airports in Greece.
The financing will provide for development works at the airports and form part of the payment to the Hellenic Republic Assets Development Fund. According to Freshfields, "the overall concession payments constitute the single largest concession fee ever paid in Greece and is a landmark investment in the development of the Greek airports sector."
Freshfields describes Fraport as "one of the leading companies in the international airport business ... active on four continents through investments and subsidiaries," and the Copelouzos Group as "a leading business group involved in a wide range of activities in various sectors including energy, airports, development, and real estate management."
The 14 airports included in the concessions are Aktion, Chania (Crete), Kavala, Kefalonia, Kerkyra (Corfu), Kos, Mitilene, Mykonos, Rhodes, Samos, Santorini, Skiathos, Thessaloniki, which is Greece’s second largest city, and Zakynthos. Combined, these airports served a total of over 25 million passengers in 2016.
The multi-jurisdictional Freshfields team was led by Partners Daniel Reichert-Facilides in Frankfurt and Alex Carver in London.
Editor's Note: After this article was published the Your Legal Partners law firm, from Greece, announced that, working along with the Drakopoulous & Vasalakis law firm, it had advised the Hellenic Republic Assets Development Fund on the takeover.