Fraport to Take Over 14 Greek Airports in 2016
A consortium led by Germany’s Fraport signed a €1.2 billion ($1.32 billion) deal Monday to privatize 14 regional airports in Greece.
Fraport and its Greek partner Copelouzos Group will operate, manage, develop, and maintain the 14 airports, located on popular tourist islands including Corfu and Santorini, starting in the fall of 2016. The group will also invest €330 million to upgrade facilities at those locations.
The contract is “a strong message to everyone that the Greek economy is gaining market confidence,“ said Stergios Pitsiorlas, head of he Hellenic Republic Asset Development Fund, in a statement.
“Fraport and Copelouzos have remained steadfastly committed to the Greek regional airports – a win-win project for Greece and its people,” said Stefan Schulte, Fraport’s chairman, in a statement.
The transaction, which is slated to close in the fall, will help Greece meet its privatization target of €3 billion from sales of assets in the coming year.
(Photo: Accura Media Group)