Stage 1 — Pending
Deal Structuring & Market Sounding
Initial process by government/grantor or private owner of shares to structure the transaction and/or sounding potential market interest in the opportunity.
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Deal Pipeline
The deal pipeline tracks 147 deals worldwide, spanning more than 72 countries and 359 airports.
airport deal
Turkey – Grand Istanbul
Operator // IGA (Istanbul Grand Airport) Havalimanı İşletmesi A.Ş.
Overview
Overview
The first phase of Istanbul’s new USD11b “mega-hub” airport built to a capacity of 90m pax/year, will ultimately include six runways and terminals able to handle 200m pax/year, was inaugurated on Oct. 29, 2018. The existing Istanbul-Ataturk Airport will remain operational, however all commercial flights have been relocated to the new Istanbul – Grand Airport. On opening, the IGA consortium was reported to be carrying over USD6b in debt and is obliged to pay ~USD22b in fees to the gov’t over the life of the concession (~USD960m/year). In the latter half of May 2019, it was announced that US investment bank Lazard will assist certain undisclosed IGA consortium members to sell their stakes in the venture. IGA’s rent payment was deferred in 2019, however the gov’t has granted guarantees (up to EUR333.8m in 2020 and a total of EUR6.3b for the 13 year warranty period) to cover the difference if total departing passengers fall below levels prescribed by contract. IGA’s stressed financial position has been further eroded by the COIVID-19 crisis, with passenger volumes falling from 5m in Jan. 2020 to 33,000 in Apr. 2020.
Included Airports
Airports
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Turkey
1 airport
Transaction Stage
Stage
Deal has been archived
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Stage 2 — Pending
Due Diligence & Bid/Offer Development
Investor/operator evaluation for the deal/opportunity and/or business case and financial model development to support commercial bid/offer.
Stage 3 — Pending
Award, Financial Close & Transfer
Award of deal by government/grantor, or acceptance of offer from private owner of shares, followed by completion of financing conditions and, ultimately, granting of concession and/or transfer of shares.
Deal Information
Information
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