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Germany's fraport plans EUR 403 M in Bulgaria's airport concession deal

Date: 26.10.2005

The consortium between Fraport AG and BM Star plans to invest EUR 403 M if granted a 35-year concession to run Bulgaria's two Black Sea airports.

The consortium presented Sunday its investment program and technical plan for the civil airports in Burgas and Varna.

A total of EUR 188 M will be invested in the airport of Varna, another EUR 215 M - in Burgas, Andrea Pal, Senior Vice President at Fraport Group, said.

By 2009 a total of EUR 176 M is planned to be invested in constructing new terminals at the two airports.

Estimates show that the implementation of urgent measures to unclog the passengers' traffic at the two airports will cost about EUR 15 M during the first year of the concession alone.

Fraport's presentation comes days after Bulgaria's Supreme Administrative Court overturned a government decision to grant the concession to Copenhagen Airports AS.

The court ruled that the Socialist-led government continues the tender with the other two bidders Germany's Fraport and a tie-in between French Vinci Airports and Vinci Concessions.

In June this year Copenhagen Airports AS signed a 35-year concession agreement with Bulgaria over the operation of the two coastal airports at Varna and Burgas. The agreement involves investment programmes of approximately EUR 526 M and the annual concession royalty is expected to be EUR 1,200 M.

Novinite.com

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