Astaldi buys into Turkish airport sector
By Chris Sleight03 May 2011
Italian contractor Astaldi has bought a 92.85% stake in Mondial, which holds the concession rights for the new international terminal at Turkey’s Milas-Bodrum Airport. The scope of the concession work includes design, construction and operation of the 100000 m2 terminal.
Construction of the € 100 million (US$ 148 million) terminal is already underway, and Astaldi is active on the project as Engineering, Procurement and Construction (EPC) contractor. The project is being funded by 80% debt and 20% equity, and is due for completion by the end of this year.
Astaldi says the concession will generate total revenues of some € 210 million (US$ 305 million) - € 35 million (US$ 52 million) per year. Some 65% of this will be generated by revenues from passenger traffic – at least 1 million people are expected to use the terminal per year – with the remainder paid on the basis of an availability agreement for the shopping and duty free areas. The details of this agreement are yet to be finalised.
Milas-Bodrum Airport is located on Turkey’s south-west coast, a popular tourist destination.