VINCI concludes financing of new business centre for car rental operators at the Nice Côte d’Azur airport
• Nice Côte d’Azur airport is the French market leader in car rental.
• Works will start 17 November 2008 and take 28 months to complete.
• The Public-Private Partnership is for 32 years.
Park Azur, a subsidiary of VINCI Concessions, has concluded thefinancial package for the new business centre for car rental operatorsat the Nice Côte d’Azur airport, for which thebuilding permit was obtained on 8 August 2008. The total investmentwill be €45 million.
The financing package comprises senior debt, without recourse againstshareholders, of €33 million with a maturity of 28 years. ParkAzur will be remunerated by the rent paid by the car rental companiesusing the new centre.
The 32-year contract is in the form of an authorisation to temporarilyoccupy publicly owned land with the right to build (an“AOT”), accorded by SociétéAéroports de la Côte d’Azur (SAACA). Itcovers the financing, construction and operation of a 60,000 squaremetre, three storey building that will meet the needs of the growingbusiness activity of the car rental companies. Nice airport is already,along with Paris-CDG, the French market leader in car rental.
The works will be carried out by a group of local subsidiaries of VINCIConstruction France. The architects are Georges Dikansky andFrédéric Génin. The total cost of theworks amounts €36 million.
The contract was won by combining the VINCI ’s competenciesin concession projects with those of VINCI Airports in airportdevelopment combined with the close-knit network of VINCI ConstructionFrance subsidiaries in the Provence-Alpes-Côted’Azur region.
This contract demonstrates the relevance of VINCI’sintegrated concession operator-construction company model, as well asthe partnership spirit that is the basis for the company’sexpansion in airport activities in France.
About VINCI
VINCI is a world leader in concessions, energy solutions and construction, employing 285,000 people in more than 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, we are committed to operating in an environmentally, socially responsible and ethical manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general.