14
Sun, Aug
57 New Articles

Clifford Chance, Ciftci, White & Case, and GKC Partners Advise on EUR 1.25 Billion Bridge Financing for Antalya Airport Rights

Clifford Chance, Ciftci, White & Case, and GKC Partners Advise on EUR 1.25 Billion Bridge Financing for Antalya Airport Rights

Turkey
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Clifford Chance and its Turkish associated firm Ciftci Attorney Partnership have advised the joint venture of airport operators TAV Airports Holding and Fraport on a EUR 1.255 billion bridge financing towards the renewal of operational rights for Antalya Airport in Turkey. White & Case and its Turkish associated firm GKC Partners advised the financing banks.

Financing for the bridge loan was provided by nine banks: Deutsche Bank, Ziraat Bank, Akbank, Vakifbank, TEB, Alpha Bank, QNB Finansbank, Piraeus Bank, and Kommunalkredit Austria.

TAV Havalimanlari Holding operates 15 airports in eight countries, including Esenboga Airport in Ankara, Tbilisi Airport in Georgia, Madinah Airport in Saudi Arabia, and the Zagreb Airport in Croatia. Fraport AG Frankfurt Airport Services Worldwide operates and provides aviation-related services at more than 30 airports including Frankfurt Airport in Germany, Mykonos Airport in Greece, Ljubljana Airport in Slovenia, and the Porto Alegre International Airport Salgado Filho in Brazil.

According to Clifford Chance, “the joint venture of TAV Airports and Fraport AG used the bridge loan to finance in part the payment of the EUR 1.8125 billion (excluding VAT) upfront fee to Turkey's State Airports Authority (DHMI) for a new concession to increase the capacity and lease the operational rights for the domestic and international aviation and CIP terminals of Antalya Airport. The upfront fee represents 25% of the total lease fee of EUR 7.25 billion (excluding VAT) for the full new 25-year concession period starting 2027 and terminating at the end of 2051.”

According to the firm, “the project, which will see the annual capacity of Antalya Airport being extended to 80 million passengers, marks Turkey's largest airport capacity expansion to date, with the joint venture of TAV Airports and Fraport AG committing to a EUR 765 million investment, in addition to the lease fee.”

The Clifford Chance and Ciftci Attorney Partnership team included Istanbul-based Partner Sait Eryilmaz, Associates Basar Kirka and Pelinsu Demircan, and Trainee Berke Avarkan, with further team members in London, Frankfurt, and Abu Dhabi.

The White & Case and GKC team included Partners Sebastian Buss, Gumiz Gokca, and Ates Turnaoglu and Associates Aybike Iplikci, Baran Abur, Kaan Alkan, Caglar Senol, Ahmet Ekin Cinar, Ebubekir Bal, Sertac Yuksel, and Segenay Kerimoglu.

Turkey Knowledge Partner

NAZALI offers a broad range of services in the fields of Tax, Audit, Corporate and Commercial Law, Mergers & Acquisitions, Corporate Finance, Banking, Finance and Capital Markets, Protective Legal Services and Dispute Resolution, Personal Data Protection and Privacy, Social Security and Labor Law, Occupational Health and Safety, Competition Law, Intellectual Property Law and R&D, Compliance and White-Collar Crimes, Administrative Law, Real Estate Law, Customs and Foreign Trade, Accounting and Payroll, Financial Incentives and Advisory Services and Public Administration and Compliance through its partners, associates and consultants of different seniorities who have both public and private sector experience.

What sets NAZALI apart from others is that NAZALI offers a truly comprehensive service to its clients with experts from different disciplines working collaboratively as a team under one roof enabling us to evaluate all dimensions of legal matters together with financial and technical matters.

The services that NAZALI provides to its clients include the most appropriate solution with the support of technical departments specialized in their fields. In this context, NAZALI associates are supported by NAZALI technical team and work alongside the experts in the fields of finance, social security and customs matters. NAZALI has set out with the aim of providing the most efficient and comprehensive solution for its clients by adapting to the developing conditions and happily gained the trust of its clients by never compromising the quality of service.

As conditions continuously evolve, NAZALI always aims to further itself remaining true to its motto “GROW WITH KNOWLEDGE” and has set out with the aim of providing the most efficient and comprehensive solution for its clients by adapting to the developing conditions and happily gained the trust of its clients by never compromising the quality of service.

Firm's website: http://www.nazali.com

Our Latest Issue