TAV-Fraport joint venture secures $2.8B financing for Antalya Airport expansion
A passenger aircraft parked at the international terminal of Antalya Airport in Türkiye, accessed on April 30, 2025. (Photo via groupeadp.fr)
Turkish airport operation firm TAV Airports and German Fraport joint venture have finalized a €2.5 billion ($2.84 billion), 13.5-year long-term financing agreement for the operation and expansion of Antalya Airport, the company announced on Tuesday.
According to a company statement, the financing package was provided by a consortium including Akbank, Alpha Bank, Asian Infrastructure Investment Bank (AIIB), Bank of China, Deutsche Bank, German Investment Corporation (DEG), European Bank for Reconstruction and Development (EBRD), Garanti BBVA, International Finance Corporation (IFC), National Bank of Greece, QNB, TEB, Vakifbank, and Ziraat Bank.
The first phase of the expansion, completed in under three years, will raise the airport’s capacity to over 80 million passengers during the concession period.
The total area of the T2 international and domestic terminals has doubled to 225,000 (2.42 million square feet) and 75,000 square meters, respectively.
Commercial space has tripled, and the T2 terminal’s lounges, food and beverage facilities, and duty-free areas have been completely redesigned.
An additional 1.4 million square meters (15.07 million square feet) of apron space was added, increasing aircraft parking capacity to 202.
Other completed first-phase investments include a multi-story parking facility, new taxiways and connecting roads, aircraft maintenance hangars, a general aviation terminal, and various support buildings.
Antalya Airport records highest-ever passenger traffic in 2024
In 2024, Antalya Airport served 105 airlines flying to 229 destinations across 52 countries, handling a record 31.7 million international and 6.6 million domestic passengers.
TAV and Fraport, which have jointly operated the airport since 2018, secured the operating rights until the end of 2051 through a tender held in December 2021.
For the upcoming 25-year period starting in December 2026, the joint venture will pay a total lease fee of €7.25 billion plus VAT, with one-quarter of the amount paid upfront to Türkiye’s General Directorate of State Airports Authority (DHMI).
Commenting on the agreement, TAV Airports Chief Financial Officer Burcu Geris said the team was pleased to complete the financing deal as the first phase of the project concluded.
“Antalya is the largest tourism hub in the Mediterranean and Türkiye’s second-largest airport for international traffic. This strategic investment holds significant long-term value for regional development,” she said.
“The participation of both Turkish and international financial institutions in this deal reflects strong confidence in the project, Türkiye’s tourism industry, and our successful track record.”
Founded in 1997, TAV Airports are one of the largest airport operators, with French airport operator Groupe ADP holding a 46% stake as its largest shareholder. The company has operated Antalya Airport in partnership with Fraport since 2018.
