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
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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.