Greece’s 14 Regional Airports won the Europe Transaction Category for airports for 2017 by the IJGlobal Awards, a leading industry publication for the energy and infrastructure market.
Dracopoulos & Vassalakis LP and Your Legal Partners worked together with Norton Rose Fulbright as legal counsels of the Hellenic Republic Asset Development Fund in the landmark privatisation of 14 Regional Airports through the signing of two 40-year concession agreements with the consortium consisting of Fraport AG and Slentel Ltd (a unit of the Copelouzos Group). DVLaw and YLP involvement as Greek legal counsels included, inter alia, the preparation of the transaction perimeter and the tender process from 2012 onwards, the drafting, negotiation, finalisation and signing of the concession Agreements in November 2014 and the successful financial closing and takeover of the two clusters of airports by the concessionaires in April 2016. In this context, we also advised the Fund in relation to the financing of the acquisition. The consortium has raised around EUR 1.6bn of debt and equity from IFIs (EIB, EBRD, IFC, the Black Sea Trade and Development Bank) and commercial banks and in this respect, we have contributed to the review, approval and designation by the Greek State of all financing documentation together with all conditions precedent provided in the relevant concession Agreements, as well as to the drafting and finalisation of the State Direct Agreements and the Multi-Party Arbitration Agreements between the Greek State and the Lenders.